Economic Crisis

Global Economic Crisis Rises Developing Countries In Trouble

This time world is in big trouble. After Covid19 we expected that everything will be normalize but the problems increases more. The developed countries have enough abilities that they will stabilize their economy but developing countries not enough resources to handle this economic crisis.

The world are facing this challenges poverty. Food shortages. Energy shocks. Debt crises. Climate change. Inflation. War. This all are the main causes of this economic crisis. World Bank and IMF raise alert for the world to get ready for the economic crisis.

An unexpected events like covid19, natural disaster throw many economies into crisis. World bank and other financial institutions have to help developing countries to come out from global economic crisis.

Inflation Poverty

The Russian invasion of Ukraine weighed heavily on the minds of the policymakers in attendance. Leaders expressed unanimity in their support for Ukraine at the Second Ministerial Roundtable Discussion on Support for Ukraine. Last month, the World Bank, the European Union, and the Ukrainian government released a Rapid Damage and Needs Assessment, which estimated Ukraine’s recovery and reconstruction needs at $349 billion, or one and a half times the country’s pre-invasion GDP.

Another high-level event, the cost of the food and fuel crises, examined how countries can deal with food and energy shocks, which have been exacerbated by Russia’s invasion of Ukraine and are disproportionately affecting the poor. The session’s key takeaway: policymakers should avoid export restrictions, protect vulnerable communities, and keep the transition to clean energy and resilient food systems in mind.

Climate Change is the biggest factor of this economic crisis

Another emergency that was brought up during the meetings was climate change. A Thursday event on financing the low-carbon, resilient transition looked at ways to address climate and development needs while also supporting people and communities.

High food prices have triggered a global economic crisis. While recession fears and growing fragility have dominated headlines. One of COVID-19’s long-term effects has been on education. Another event focused on the challenges posed by learning losses at a time when 70% of children in developing countries are unable to understand a simple written text and older youths face an inhospitable job market. Speakers at the investment in education session agreed on the importance of prioritising investments to accelerate learning and skill recovery.

 In this economic crisis we have to only focus on this four things providing immediate support to the vulnerable, facilitating trade and the international supply of food, boosting production, and investing in climate-resilient agriculture.

Read Also :- Financial experts expected that Pakistan will exit from FATF grey list this month

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