PM Modi has warned that the world may be heading into a “decade of disasters” due to the combined impact of COVID-19, wars, and the global energy crisis. He cautioned that these ongoing challenges could reverse years of progress in reducing poverty and push millions back into economic hardship.
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Warning of ‘Decade of Disasters’ by PM Modi
According to Prime Minister Narendra Modi, the coming decade may be termed a “decade of disasters.” This is because of the compounded effect of several crises, including the pandemic, ongoing war, and global energy crisis. According to him, these events have the potential to undo decades of achievements in poverty alleviation.
Multiple Crises Impacting the Global Economy
The prime minister indicated that there are many global events affecting the economy in many negative ways, such as disrupting the supply chain, increasing inflation, and affecting other economies in different ways.
Risks of Increased Poverty Levels
PM Modi indicated that millions of people would sink back into poverty if nothing was done. Factors contributing to this risk include cost of living, loss of jobs, and economic instability.
Call for Increased Cooperation
Although the warning indicates the possibility of increased poverty levels, the prime minister encouraged the nations to increase cooperation globally in stabilizing the economy.
