“Unlike low-income countries, they were wealthy enough to offer social protection during the pandemic, but are now struggling to maintain high social spending that is vital to the standard of living of large sections of their population,” it said. The report.
Argentina, Tunisia, Pakistan and the Philippines were also among countries to watch in the next six months, the authors said, noting their high reliance on food and energy imports.
Russia’s war in Ukraine has accelerated the rise in food prices, which hit an all-time high in February and again in March. Energy prices also rose sharply. [O/R] “With no resolution to the conflict in sight, the global cost-of-living crisis will continue into 2023,” the report said.
Lebanon, Senegal, Kenya and Bangladesh face similar pressures. The report pointed to Sri Lanka and Kazakhstan as examples of middle-income countries that have already experienced unrest this year. In the former, rising food and fuel prices contributed to heightened tensions, while an attempt to cut fuel subsidies sparked protests in Kazakhstan.
Civil unrest could hamper a possible economic recovery, but also deter investors focused on environmental, social and governance (ESG) factors, it added.
“Some countries are at risk of falling into a vicious circle, in which worsening governance and social indicators make them pariahs of ESG investing, preventing the inflows needed to improve economic performance and address investment needs. the society”.
The report found that more than 50% of the nearly 200 countries covered by the index have seen an increase in civil unrest since the COVID-19 pandemic emerged.
Source: Ambito
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