A United Nations commission has increased its projection for poverty in Latin America and Caribbean for 2022, citing economic disruptions caused by the conflict in Ukraine.
FILE PHOTO: Peru inflation protests grip tourist capital Cuzco, gateway to Machu Picchu -
Higher fuel prices, and fertilizer and wheat supply problems provoked by the war in Ukraine have fanned inflation while intensifying hunger, casting doubts about the region's growth prospects, the U.N. agency said."These levels are markedly higher than those observed before the pandemic and make the possibility of a speedy recovery more distant."
The mostly Spanish- and Portuguese-speaking region is seen growing 1.8% in 2022, revised down from a prior forecast for growth of 2.1%. The region's economies were seeing a slowdown this year in growth and trade even before Russia's invasion of Ukraine in late February, as well as the persistent drag of the coronavirus pandemic.
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