Africa’s children are paying for COVID-19 with their futures
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By Matthew Cummins and Paul Quarles van Ufford
Dakar and Nairobi While the global spotlight remains firmly fixed on the battle against COVID-19 in wealthy countries, the life and death challenges faced by populations in developing nations, especially children, have steadily worsened over the past 12 months, largely in darkness and with only tokenistic support from global institutions.
COVID-19 has spared no country. But for people living in sub-Saharan Africa, the pandemic magnifies a long list of troubles. Start with economic growth. Before the pandemic struck, the economy was moving so slowly that it would have taken the average person around 45 years to double their income. Then, almost instantly, nearly 15 years of income progress disappeared. Even more troubling, sub-Saharan Africa will be the world s slowest growing region in 2021: barely 1 per cent on a per capita basis.
Global Austerity Alert: Looming Budget Cuts in 2021-25 and Alternatives 5 May by
Map of countries with projected austerity cuts in 2021-2022, in terms of GDP, based on IMF fiscal projections. Credit: I. Ortiz and M. Cummins, 2021
Rather than exploring financing options to provide direly-needed support for socio-economic recovery, many governments advised by the IMF, the G20 and others are opting for austerity. to discuss policies to tackle the pandemic and socio-economic recovery.
But a global study just published by the Initiative for Policy Dialogue at Columbia University, international trade unions and civil society organizations, sounds an alert of an emerging austerity shock: Most governments are imposing budget cuts, precisely at a time when their citizens and economies are in greater need of public support.
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Matthew Cummins
Austerity shocks
April 19, 2021
Last week Ministers of Finance met virtually at the Spring Meetings of the International Monetary Fund (IMF) and the World Bank to discuss policies to tackle the pandemic and socio-economic recovery.
But a global study just published by the Initiative for Policy Dialogue at Columbia University, international trade unions and civil society organizations, sounds an alert of an emerging austerity shock: Most governments are imposing budget cuts, precisely at a time when their citizens and economies are in greater need of public support.
Analysis of IMF fiscal projections shows that budget cuts are expected in 154 countries this year, and as many as 159 countries in 2022. This means that 6.6 billion people or 85 percent of the global population will be living under austerity conditions by next year, a trend likely to continue at least until 2025.
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Isabel Ortiz