The strength of the U.S. dollar — at a 20-year high — is spelling trouble for indebted smaller nations that now must pay more on their loans. In Sri Lanka, a default made it nearly impossible for the country to buy food and fuel on international markets.
Large numbers of workers from different sectors protest against inflation and in favor of higher wages in Buenos Aires, Argentina, on Aug. 17, where inflation has soared.against a collection of foreign currencies this week, spelling more trouble for heavily indebted smaller nations around the world. The stronger dollar makes payments on loans owed in U.S. currency more expensive.
Not only do poorer countries have larger debts in U.S. currency, now they are having to pay even more for imports bought in dollars as the currency strengthens. And this time around, global prices for fuel and food were already surging, due to currency fluctuations and significant supply shortfalls caused by the Russian invasion of Ukraine.One of three ports on the Danube River on the border between Ukraine and Romania in May.
"Right now, the world is experiencing the worst food security crisis any of us have ever seen," says U.S. Ambassador to the United Nations Linda Thomas-Greenfield. Speakingin late August, Thomas-Greenfield said much of the current global food crisis is driven by the Russian invasion of Ukraine. that food makes up 40% of the consumer price index in sub-Saharan Africa while accounting for less than 20% of the index in advanced economies.Customers line up to buy fresh peppers at the Mile 12 food market in Lagos, Nigeria, on July 7. Soaring inflation could push 15 million more Nigerians into extreme poverty by the end of this year, the World Bank says., thinks the worst economic pain from the current economic downturn will be in smaller, highly indebted emerging market economies.
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An economic perfect storm is battering emerging markets. Debt crises loomThe strength of the U.S. dollar — at a 20-year high — is spelling trouble for indebted smaller nations that now must pay more on their loans. In Sri Lanka, a default made it nearly impossible for the country to buy food and fuel on international markets.
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