More Austerity in 2023 Will Fuel Protests

Anti-Austerity protests in 2006-2020. Credit: World Protests PlatformBy Isabel Ortiz and Sara BurkeNEW YORK, Jan 13 2023 (IPS) This week world leaders meet in Davos to discuss cooperation to address multiple crises, from COVID-19 and escalating inflation to slowing economic growth, debt distress and climate shocks. Only three months earlier, finance ministers had gathered in Washington DC for the same reason. The mood was grim. The need for ambitious actions could not be greater; however, there were no agreements, evidencing the fragility of multilateralism and international cooperation. Isabel OrtizWorse, policy makers -advised by the International Monetary Fund- are resorting to old, failed and regressive policies, such as austerity (now called “fiscal restraint” or “fiscal consolidation”), instead of much needed corporate/wealth taxation and debt reduction initiatives, to ensure an equitable recovery for all. A recent global report alerts of the dangers of a post-pandemic wave of austerity, far more premature and severe than the one that followed the global financial crisis a decade ago. While governments started cutting public expenditures in 2021, a tsunami of budget cuts is expected in 143 countries in 2023, which will impact more than 6.7 billion people or 85% of the world population. Analysis of the austerity measures considered or already implemented by governments worldwide shows their significant negative impacts on people, harming women in particular. ...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: Aid Climate Change COVID-19 Economy & Trade Global Headlines Health Labour TerraViva United Nations IPS UN Bureau Source Type: news