The president of Costa Rica Carlos Alvarado warns today in an interview with Agence France-Presse of a possible “major crisis” in Latin America as a result of the war in Ukraine.
“The invasion, which is contrary to international law, obviously causes death and pain in Ukraine, but it also has the potential to cause a major crisis in Latin America.”and the wider “developing world,” Alvarado said during a tour of France, a tour of Paris and Spain.
The Costa Rican president, who will step down on May 8stressed that rising fuel and fertilizer prices could make food growing “impossible” and cause unemployment.
The effort to remedy the fuel subsidy could increase the pressure on the public debt of the countries in the region, something that could “push them back into crisis,” he said.
“Especially since this is part of the way out of the pandemic and some countries in the region have been suffering from ‘social discomfort’ for years,” he noted.
Large international financial organizations such as the EBRD, the IMF and the World Bank warned on March 18 about the “huge” consequences of the Russian invasion of Ukraine on the world economy. It is reducing the supply of energy, food, raising prices, “it will hurt the recovery of the planet after the pandemic,” said these organizations, which believe that “the poorest and most vulnerable will be hit hardest.”
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