130 million face poverty risk from inflation

Titled "UNDP Director Warns That Rising Energy, Food, and Borrowing Costs, Alongside Climate Risks and Declining International Aid, Threaten to Push Millions into Poverty," the report explains that successive crises since the 2008 financial downturn, the COVID-19 pandemic, and wars have led to the deterioration of developing countries' conditions. It indicates that approximately 130 million people could face the risk of poverty this year if price increases continue without government support. The report notes that rising fuel prices since the U.S. war on Iran and the instability in oil and gas supply chains have increased suffering, particularly in South Asia and sub-Saharan Africa. Elevated bond yields and rising debt interest burdens have further compounded the situation, accounting for up to 9.5% of government revenues—its highest level in 25 years. The report also warns of the decline in international aid and the intensification of the El Niño phenomenon, which could lead to severe floods and droughts. It emphasizes the urgent need to mobilize investments from countries and institutions to support growth and strengthen the resilience of emerging economies in facing these crises.

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