Millions could be thrown into poverty by surging energy costs, the impact of an intense El Nino phenomenon and higher interest rates, with vulnerable countries being pushed to the brink by repeated crises, the UN’s development chief told AFP.
Global fuel prices have soared since the United States launched its war on Iran in late February, with Tehran’s retaliations against Washington’s Gulf allies curtailing major oil and natural gas supplies.
Fiscal deficits and debt-to-GDP ratios around the world have ballooned since the 2008 global financial crisis, with governments firefighting against a series of shocks including the pandemic and wars in Ukraine and the Middle East.
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