Economy is the backbone of the society. Economy is like the wheels of the bus of society that keep it going towards progress and prosperity. Economic system of developing countries is going through challenges to its stability because high inflation, unemployment, poor economic policy, financial crisis, external debt, geopolitical issues with the major economies.
I'm also native of developing country in South Asia, Pakistan. Our Economic crisis are serious in nature because of poor economic policy, incapable and corrupt leadership. According to statistics rate of inflation in Pakistan was 19.87% in 2022 with the rise of 10% from 2021. Each and every citizens of Pakistan is liable to pay external debt in form taxes to State.
Poor living standard, lack of basic needs, education, unemployment had been the problems that need to be addressed from the day of existence of Pakistan. Citizens were patiently waiting for the better time but the situation worsen by imbalance in the demand and supply of power and energy to the citizens. That results high inflation in the power and energy sector.
According to United States Energy Information and Administration research Pakistan usage of energy is average kWh per day was 29.16. The import of patrol couldn't meet the gap between demand and supply in the transportation sector. The lack of natural resources as well inability to explore and deploy the natural resources make the state dependant to neighboring countries.
Let's talk about how inflation and economic downfall impacted the lives of people in developing countries :
Cost Of Living Pressure :
High Inflation rate made cost of living challenging. Housing, food, and clothes are the basic needs of life of every human being. Rising prices of all commodities make difficult to get basic need of life. The cost of living pressure challenged the survival in developing countries.
Unemployment :
Unstable economy can't cover the gap of unemployment until it has great potential to develop enough to produce opportunities for the youth. Skilful, education but unemployed youth could be dangerous for the state.
Malnutrition & Starvation :
In the developing and low income country malnutrition and starvation is the problem that every third individual faced. Starvation and not taking required nutrition is the solution for them to adjust their living cost. There are uncountable people around us who don't have to eat twice a day. This is really heart wrenching facts of life today.
Access To Education & Health Care :
Poor economic situation bar the access of the citizens to the education and health care facilities. The labor or middle class of the society doesn't afford to the pay the dues of their children's basic education.
Business & Investment Risk :
High inflation added to the cost of production and manufacturing of products and services. The customers doesn't afford to pay the demanded cost that caused gap in the businessman and customer relation. Investment in the business seems risky because of market conditions.
Social Unrest :
Economic downfall impacted individual's life badly. There is social unrest among the individual because of inflation and financial crisis. This laid to crimes, protest, suicide cases in the society. This social unrest may paved way for the stability of the economy.
Preclude Remarks
Economic Crisis badly impacted the live of people in developing countries. For human survival these crisus need to be adress with vivacious vision to stabilize economy, jobs creation, food security, proper economic policy, assurance of basic needs of life, health and education facility.
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