News “2023 will be a difficult year for Latin America.” Last Minute WORLD headlines and events



One of the biggest issues Latinos faced last year was the cost of living. While the country with the highest inflation rate in the region is Venezuela with 234 percent, it is followed by Argentina, which reached its highest inflation rate since 1991 with 94.8 percent.

According to official data, the inflation rate over the past 23 years in Colombia was 13.12 percent, over the past 30 years in Chile – 12.8 percent, over the past 26 years in Peru – 8.56 percent and in Mexico – 7.82 percent in Last year. the highest in the last 22 years.

While inflation is in single digits in most countries in the region, the rise in the cost of living due to rising food prices, which have risen by 20 to 30 percent, raises concerns for a region that has previously experienced serious economic, social and political problems. pandemic.

Industry and union protests in the face of rising prices and practices such as most governments in the region to update minimum wages, subsidize energy and increase subsidies to calm social discontent have also added to inflationary pressures, experts say.

The Latin American and Caribbean Economic Commission (ECLAC) reports that in a region where minimum wages range from $190 to $600, with the exception of Venezuela and Cuba, low-income people suffer the most from the cost of living, who spend most of their time talking about it. their income for basic needs such as food, shelter, transportation and communications.

According to a study conducted by the Chilean organization Latinobarometro in 18 Latin American countries last year, 73 percent of Latin Americans believe that their country is run in the interests of a small elite, not the people.

“We expect poor and middle class demands and pressure on governments to increase this year due to external debt, interest rates, inflation, health system and supply chain shocks,” said Manuel Salazar, Executive Secretary of ECLAC.

Growth in the region, which fell 3 percent from the previous year to 3.7 last year, is expected to slow to 1.3 percent this year.

It is reported that the number of the poor, which last year was estimated at 201 million people in Latin America with a population of about 650 million, will increase even more this year, and this may cause consequences such as social discontent, distrust of institutions, employment problems , migration and street protests.

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