By: Nghiinomenwa-vali Erastus
A relentless surge in the prices of essential goods and services, both globally and domestically, has outstripped nominal wage and welfare payment increases, leading to a decline in real disposable incomes.
These findings are detailed in a briefing paper titled “The Global Cost of Living Crisis From A Namibian Perspective,” published by the Institute of Public Policy Research (IPPR).
The World Economic Forum’s Global Risk Report for 2023 has identified the global cost of living crisis as the most concerning short-term risk to the world for the next two years.
The researchers reveal that countries with higher effective inflation rates, where citizens allocate a larger portion of their incomes to essential goods and services experiencing significant price increases, are most severely impacted by the crisis.
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