Developing nations face triple shock from energy, climate and debt

Summarised from 2 outlets · Updated 12 Oct, 15:19 · Archive

Developing countries face simultaneous crises of high energy costs, El Niño and surging borrowing costs, the UN warns.

Developing countries are being hit by simultaneous crises of high energy costs, El Niño and surging borrowing costs, according to the UN's development arm. Speaking before the IMF and World Bank annual meetings in Bangkok, UNDP administrator Alexander De Croo said the crises were pulling developing nations in different directions and called for urgent "solidarity and global action".

Oil prices have risen above $100 a barrel in recent weeks following renewed conflict in the Middle East. The UNDP's report, titled No Time to Recover, describes these as "compounding crises" of energy, climate and debt. It estimates that up to 130 million of the world's poorest people have been protected from the full impact of high prices through emergency government measures since conflict broke out earlier this year.

However, the UNDP warns these people are now at risk as governments exhaust their resources to shield populations from soaring costs. De Croo said countries were now forced to let price increases pass through to consumers because "their fiscal space is completely eaten up". The report suggests the combined effect of these crises could throw tens or hundreds of millions back into poverty.

How it is being reported

• Developing countries face triple shock from energy crisis, El Niño and surging borrowing costsUnited Nations policy brief says the three ‘compounding crises’ are hitting developing economies especially hardThe Telegraph · 12 Oct, 15:00
• Developing nations face triple shock from energy crisis, El Niño and borrowing costs, UN warnsUN’s development arm calls for urgent action as crises could ‘throw tens if not hundreds of millions back into poverty’ Developing countries face a triple shock from the energy crisis, El Niño and surging borrowing costs and need urgent support from the international community, the UN’s development arm has warned. Speaking before the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok this week, the UNDP’s administrator, Alexander De Croo, called for “solidarity and global action”. Continue reading...Guardian Business · 11 Oct, 05:00

In this story: UN · UNDP · Alexander De Croo · IMF · World Bank · Bangkok · Middle East

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