European Commission President Ursula von der Leyen speaks at the World Economic Forum in Davos, Switzerland, May 24, 2022 (AP photo by Markus Schreiber).
European Commission President Ursula von der Leyen told a gathering at the annual World Economic Forum in Davos this week that Russia is deliberately stoking a global food crisis as a form of “blackmail.” Her remarks underscore Brussels’ fears over an impending global food crisis. Recognizing the high stakes involved in global food security, European Union policymakers are now racing against time to prepare for what they anticipate will be a food security crisis unprecedented in the modern era. Russia’s weaponization of global commodities is not limited to the energy sector, von der Leyen told her audience in Davos. “In Russian-occupied Ukraine, the [...]
Judith Andeka, a worker in the informal economy, returns to her house in the Kibera informal settlement, Nairobi, Kenya (AP photo by Brian Inganga).
Kenya’s largest trade union federation hailed an executive order issued earlier this month by President Uhuru Kenyatta that increased the monthly minimum wage by 12 percent. The Central Organization of Trade Unions called the directive “a great win for Kenyans” during a period of economic hardship brought about by the coronavirus pandemic, high inflation and a rise in fuel prices. Kenyatta made the announcement during a Labor Day celebration on May 1, saying that higher wages would cushion workers against the erosion of their purchasing power and enhance Kenya’s economic productivity. He further described the increase as “an appreciation to workers for [...]
Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve, May 4, 2022 in Washington (AP photo by Alex Brandon).
It’s a widely acknowledged truth that when the United States’ economy sneezes, many countries catch a cold. And so it is with this week’s interest rate hike by the Federal Reserve in Washington, whose efforts to contain inflation in the U.S. are sure to create new problems for already battered economies and families in less affluent countries. The move will unintentionally pile onto the multiple, interconnected crises and growing challenges already facing developing countries. As I noted a few weeks ago, Russia’s war on Ukraine is sending economic, and therefore political, shockwaves across the planet, from Peru to Sri Lanka. Now comes the [...]
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