Kenya clashes and Bolivia's failed coup show perils of economic hardship

LONDON/NAIROBI -Deadly Kenyan protests that scuppered tax hikes and a failed coup amid fading economic prospects in Bolivia this week are violent reminders of the dangers posed by faltering economies and punishing austerity measures.

Now, the crisis is reverberating in Kenya, Bolivia and other middle-income nations bearing the brunt of a surge in inflation and the rapid global interest rate rises that followed the pandemic. Borrowing costs soared and Russia's war in Ukraine exacerbated a rise in prices of fuel and food. Angola is also trying to cut subsidies, while Egypt is under pressure from the International Monetary Fund for a slew of spending cuts and reforms that could cause more pain for citizens reeling from record-high inflation above 30%.Argentina was roiled by huge general strikes in May against painful austerity measures and planned reforms by libertarian President Javier Milei, whose cost-cutting drive cheered investors but hammered the real economy.

Over the past 20 years Kenya amassed some $82 billion of debt to build roads, railways and factories. But not all ambitious projects were completed and many Kenyans felt they had not benefited, while a slew of corruption scandals spurred allegations that elites enriched themselves.

Source: Entertainment Trends (entertainmenttrends.net)

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