\u201cPoorer nations in Asia, Africa, Middle East face food crisis<\/a>: UN.\u201d<\/p>\n \u201cIn 2021, an Oxfam review of IMF COVID-19 loans showed that 33 African countries<\/a> were encouraged to pursue austerity policies. This despite the IMF\u2019s own research showing austerity worsens poverty and inequality.\u201d<\/p>\n \u201cIn 2020, half of all Zimbabweans<\/a> \u2013 eight million people \u2013 were estimated to be in extreme poverty. That toll is almost certainly greater after a stringent COVID-19 lockdown that hit the informal sector \u2013 on which 90 percent of economically active citizens depend on for their survival \u2013 especially hard.\u201d<\/p>\n \u201cSurging inflation set to derail Ghana\u2019s 2022 growth target<\/a>.\u201d<\/p>\n \u201cTurkish inflation of 70%<\/a> Sets G-20 high.\u201d<\/p>\n \u201cSevere economic crisis<\/a>, high living cost affect Lebanese diet.\u201d<\/p>\n Sri Lanka \u201cis in shambles after defaulting on payments on its mountain of foreign loans \u2014 estimated to be worth $50 billion<\/a> \u2014 for the first time since the country gained independence from the British in 1948.\u201d<\/p>\n \u201cThe Bank of England forecast inflation exceeding 10%<\/a> and predicted negligible growth for the next two years, toppling into months of recession, accompanied by the savage squeeze on living standards.\u201d<\/p>\n \u201cItaly unveiled a hefty package of measures ($14 billion euros)<\/a> on Monday (May 2, 2022) aimed at shielding firms and families from surging energy costs as the war in Ukraine casts a shadow over the growth prospects of the euro zone’s third largest economy.\u201d<\/p>\n \u201cThe Spanish economy was the hardest hit in the euro area by the pandemic, shrinking 11% in 2020<\/a> amid tough lockdowns. Two years later, it has still not returned to its pre-virus level.\u201d<\/p>\n \u201cDutch consumers have never been so pessimistic about the economy<\/a>.\u201d<\/p>\n \u201cFrance’s economy unexpectedly grinds to a halt<\/a> in first quarter.\u201d<\/p>\n \u201cBusiness environment trends still mostly negative in Latvia<\/a>.\u201d<\/p>\n \u201c\u2018We see a big recession in the making\u2019: Top CEOs are fearing the worst in Europe<\/a>.\u201d<\/p>\n \u201cEurope\u2019s Economy is \u2018De Facto Stagnating,\u2019<\/a> ECB\u2019s Panetta Says.\u201d ECB stands for European Central Bank. Fabio Panetta is an Executive Board member of the ECB.<\/p>\n \u201cS. Korean economy facing growing downside risks<\/a>.\u201d South Korea is Asia’s fourth-largest economy.<\/p>\n \u201cDepreciating yen threatens Japan\u2019s economy<\/a>.”<\/p>\n New Zealand: \u201cRecession fears as survey shows record 20 percent of Kiwis<\/a> plan to cut spending.\u201d<\/p>\n \u201cAustralia\u2019s prices surge at fastest pace<\/a> in two decades.\u201d<\/p>\n \u201cAverage Australian worker went backwards by $800 in 2021<\/a>, says ACTU chief Michele O\u2019Neil.\u201d<\/p>\n \u201cThe Organization for Economic Co-operation and Development (OECD) places Costa Rica with the highest unemployment rate<\/a> in people between 15 and 24 years old (40%), even when comparing us with other countries such as Colombia, Chile and Mexico, which are also part of this organization.\u201d<\/p>\n \u201cInflation is eroding Latin Americans’ purchasing power<\/a>.\u201d<\/p>\n \u201c[U.S.] Stock market\u2019s plunge continues<\/a> on new concerns about global economy.\u201d<\/p>\n \u201cThe S&P 500 has dropped 18% so far this year, losing $7 trillion<\/a> in value.\u201d<\/p>\n \u201cNew wave of inflation<\/a> – and disruptions – hits U.S. factory floors.\u201d<\/p>\n \u201c[In the U.S.] the average price of all grades of gasoline at the pump spiked to a record $4.33 per gallon on Monday, May 9, the third week in a row of increases, and was up 46% from a year ago<\/a>, edging past the prior record of Monday, March 14 ($4.32), according to the US Energy Department\u2019s EIA late Monday, based on its surveys of gas stations conducted during the day.\u201d<\/p>\n \u201c[In the U.S.] foreclosures surge 181%<\/a> to highest levels since March 2020.\u201d<\/p>\n Capital-centered economies cannot provide for the needs of all and are instead spiraling out of control with each passing month. Such economies perpetuate insecurity, instability, and anarchy for everyone, no matter which party of the rich is in power. Life is proving that none of the existing institutions and arrangements are capable of sorting out the grave problems confronting millions. \u201cRepresentative democracy\u201d is not giving rise to conditions that guarantee security, peace, and prosperity for all.<\/p>\n A completely new outlook, vision, thinking, politics, and direction is needed. New arrangements that favor the people are long overdue. The old way of doing things just prolongs misery and insecurity.<\/p>\n \u2022 Part one<\/a> of this series appeared on April 10, 2022, part two<\/a> appeared on April 25, 2022, and part three<\/a> appeared on May 10, 2022.<\/p>\n <\/p>The post \u201cBooming\u201d Economy Leaves Millions Behind: Part Four<\/a> first appeared on Dissident Voice<\/a>.\n This post was originally published on Dissident Voice<\/a>. <\/p>","protected":false},"excerpt":{"rendered":" The last three economic updates (see end of article) focused primarily on the U.S., whereas this update focuses more on global conditions. The data coming in every day, month after month, is revealing a clear picture of the dire straits confronting millions globally. Problems appear at every level and on every continent. There is no [\u2026]<\/p>\n The post \u201cBooming\u201d Economy Leaves Millions Behind: Part Four<\/a> first appeared on Dissident Voice<\/a>.<\/p>\n","protected":false},"author":31,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[708,2242,305,471],"tags":[],"_links":{"self":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/656410"}],"collection":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/comments?post=656410"}],"version-history":[{"count":1,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/656410\/revisions"}],"predecessor-version":[{"id":656411,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/656410\/revisions\/656411"}],"wp:attachment":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/media?parent=656410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/categories?post=656410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/tags?post=656410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/dissidentvoice.org\/wp-content\/uploads\/2022\/05\/51aJlTn5R8L._SX331_BO1204203200_-1.jpg\")
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