Over the past two years, the world has seen tremendous changes. Whether it is social or economic, coronavirus introduced us to the harsh reality of survival. Survival is the key for humanity, that is all that we know.
once the business closed down in most of the world due to restrictions. The oil prices hit all-time low. The unemployment skyrocketed all over the world. Despite the unemployment the world food demand remained amost unchanged. Rich countries announced relief packages for theier masses. So post corona inflation is not a big problem for rich countries. Even if the people are unemployed their government is able to feed them.
The inflation rate in the rich countries is around 6-7 percent. During the same period the inflation rate in the developing world hit all time high, 15-20 percent. Event the term 'inflation' is not suitable for such increment anymore, we call it hyper inflation. In my country Pakistan the inflation rate ate the end of 2021 was 10 percent, now at the end of 20121 it is hitting almost 16 percent. The petrol and sugar prices are all time high in Pakistan. Cookig oil prices tripled.
Despite all the hike in prices the daily wage remained constant in Pakistan and in the rest of the third world. In Pakistan the daily wage is around $4. For a family of four or five people that four dollar is not enough. Due to the hyperinflation we are witnessing a sharp rise in crime rates. Suicide new have become common in the news media.
The Government in developing world has no set plan to address the issue. The economic recovery will take time. Now it is upto the first world to devise such a plan which at least can takle the hunger. We don't wanna see children die of hunger. If that happens then who will be responsible for the dilemma,?
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