Recent trends in domestic food prices
Food prices surged over the past few years owing to multiple shocks. Between 2019 and 2021, extreme weather events and supply chain disruptions derived from the pandemic drove up domestic food price inflation (measured as a component of the Consumer Price Index) in many countries. In 2022 domestic food inflation became more common across the world, reaching multi-decade highs in several countries amid the spillover effects of the war in Ukraine, higher international commodity prices and a surging US dollar. Headline inflation also rose significantly in most economies, in part due to the importance of food and energy in the consumption basket. While…
World Economic Situation and Prospects: August 2023 Briefing, No. 174
This paper discusses the escalating external debt distress and financial constraints faced by many least developed countries (LDCs) and other developing countries, particularly in the light of the COVID-19 pandemic, rising interest rates, high food and energy prices and currency depreciation. It stresses the importance of a comprehensive financing strategy to address the large scale of investment needs of developing countries. The paper underscores the urgent need for short-term solutions such as multilateral financing and debt renegotiation to tackle the current debt crisis, while simultaneously establishing long-term solutions to prevent future debt crises. It calls for improvements in…
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Introduction
Virtually every country is experiencing a growth in the size and proportion of older persons in the population, a demographic change with significant economic and social consequences (UN DESA, 2023). Several of these developing countries, especially in sub-Saharan Africa, will also experience a large increase in their young working age populations, presenting a unique opportunity to improve living standards for all, including those who would be ageing out of the workforce.
A larger working-age population can contribute to increased labour force participation, driving economic growth and productivity. Individuals in this group tend to also accumulate savings at a higher rate,…
Frontier Technology Issues: Harnessing the economic dividends from demographic change
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