Rising global inflation is expected to hit emerging and developing economies particularly hard this year, adding to a “confluence of crises” that threatens us all, the UN’s acting human rights chief has warned.
Addressing the Human Rights Council in Geneva on Thursday, Nada Al- Nashif cited International Monetary Fund (IMF) forecasts that advanced economies should brace themselves for average inflation rates of 6.6 per cent in 2022, well below the 9.5 per cent rate expected to hit poorer nations.
Ms. Al-Nashif added that although the world’s richest countries had seen employment rates return or exceed pre-pandemic levels by the end of 2021, “most” middle-income countries hadn’t yet managed to recover from the COVID-19 crisis.
UN Photo/Pierre Albouy
Nada Al Nashif, Deputy High Commissioner for Human Rights, addresses the 51st session of the Human Rights Council in Geneva.
COVID legacy and Ukraine suffering
The coronavirus had “exposed and exacerbated pre-existing inequalities” and set back sustainable growth “by several years in many parts of the world”, the acting UN rights chief told the Council, during its biennial discussion on the right to development.
Unsustainable sovereign debt burdens had also “weighed down” many developing nations because they had negative repercussions for providing social protection, Ms. Al-Nashif continued, adding that many countries now faced unprecedented fiscal challenges, “including social unrest”, because their hands had been tied by expensive loan repayments.
To make matters worse, the acting rights chief reiterated that the Russian invasion of Ukraine on 24 February had led to “major human suffering” inside the country, and beyond its borders.
The war had also triggered new disruption to global supply chains, contributing to “skyrocketing fuel and food prices” that had affected women and girls disproportionately, Ms. Al-Nashif explained.
© UNICEF/Vincent Treameau
Food insecurity is affecting millions of people in Burkina Faso (file photo).
Extreme poverty increase
Referring to data from The World Bank, an additional 75 to 95 million people are expected to live in extreme poverty this year, compared to pre-pandemic projections, she continued.
She noted that of the 760 million people living in extreme poverty, “there will be 16 million more women and girls than men and boys” Most – 83.7 per cent – were living in only two regions: Sub-Saharan Africa (62.8 per cent) and Central and South Asia (20.9 per cent).
“The confluence of crises has created spin-off effects on food and nutrition, health and education, the environment, peace and security, further undermining progress towards the realisation of the 2030 Agenda and jeopardizing sustainable recovery from the pandemic,” Ms. Al-Nashif maintained.
Climate change ‘recovery’ fund
In a related warning, a top independent human rights expert called on Thursday for the creation of a global “recovery” fund to help States hit hard by extreme weather events caused by climate change.
Ian Fry, Special Rapporteur on the promotion and protection of human rights in the context of climate change, issued his appeal at the end of his official visit to Bangladesh.
The Southeast Asian nation “should not have to carry the burden of climate change alone”, he insisted, adding that “for too long, major emitting countries have denied their responsibility for the suffering they are causing”.
© UNICEF
Heavy rains have washed away towns, villages and infrastructure in Bangladesh.
Bangladesh vulnerability
The rights expert – who was appointed by the Human Rights Council in an independent capacity in March this year – said that repeated flash-flooding this year in Sylhet, northeast Bangladesh, had exposed women in particular to the most dangerous impacts of climate change.
Because of the emergency, they had been forced to walk “long distances to fetch fresh water, which put them at risk of sexual harassment” and kept them from childcare and farming, the Special Rapporteur said.
He added that the rising waters had killed livestock, ruined crops and stored seeds, and that it would take the community at least two years to fully recover.
Nora Chambers, an acclaimed journalist with a focus on global affairs and humanitarian issues, has dedicated over twenty years to reporting from conflict zones worldwide. Her work has spotlighted marginalized communities and highlighted urgent international concerns.
As someone living in a developing economy, it is concerning to see how rising inflation rates will further hinder our chances of development. The disparity in recovery rates between rich and middle-income countries is stark, and it’s crucial for global leaders to address these issues to ensure a more equitable future for all.
It’s disheartening to see how rising global inflation is putting a strain on emerging economies, making it even harder for them to recover from the pandemic. The forecasts of higher inflation rates for poorer nations are alarming, and it’s crucial for advanced economies to address this issue with urgency.
As a development economist, I am deeply concerned about the detrimental impact that rising inflation will have on emerging economies. It’s crucial for policymakers to take swift and decisive action to mitigate the negative effects on vulnerable populations.
Does the article mention any specific strategies that are being considered to mitigate the impact of inflation on emerging and developing economies?
Indeed, the article does not delve into specific strategies at this time. However, it is crucial for policymakers to prioritize measures such as targeted fiscal interventions, enhancing financial inclusion, and fostering sustainable development pathways to address the challenges posed by rising inflation in emerging and developing economies.
It’s truly concerning to see how rising inflation is disproportionately affecting developing nations. The global economic landscape is facing a serious challenge, and urgent action needs to be taken to address these inequalities and support sustainable growth worldwide.
Does the article discuss any potential solutions or strategies to mitigate the impact of rising inflation on developing economies?
Yes, the article touches upon the need for developed nations to provide support and financial assistance to developing economies facing the brunt of escalating inflation. Collaboration and aid are crucial in mitigating the adverse effects and fostering sustainable growth worldwide.
Does the article discuss any specific strategies that emerging economies can implement to mitigate the impact of rising global inflation?
The article doesn’t mention specific strategies for emerging economies to mitigate the impact of rising global inflation. However, it’s crucial for these nations to focus on diversifying their economies, implementing sound monetary policies, and enhancing social safety nets to protect vulnerable populations during times of economic turmoil.
It’s alarming how rising inflation disproportionately affects developing nations, hindering their progress and perpetuating inequalities. Ms. Al-Nashif’s remarks underscore the urgent need for global solidarity and concrete actions to address these pressing challenges.