Humanitarian aid for Venezuelans by the UN

//Humanitarian aid for Venezuelans by the UN

Humanitarian aid for Venezuelans by the UN

UN News: ‘Everyone needs to do more’ to help suffering Venezuelans, says UN Emergency Relief Coordinator

Article published: Nov 6, 2019

IB Economics syllabus: Development economics (foreign aid, humanitarian aid)

A very unfortunate real-world example of when economic growth does not lead to economic development: Venezuela, which used to be the richest Latin American country is now having millions in abolute poverty, and the situation is worsening: “Most Venezuelans have been affected by a years-long political and economic crisis in what was formerly Latin America’s wealthiest nation, leading to a major shrinking of the economy, fueled by hyperinflation.” It can also be seen though, how economic recession leads to lower living standards in a country, where “[m]illions cannot afford the bare minimum of food, water, and health care” said UN Emergency Relief Coordinator Mark Lowcock.

This is also a useful example of a country stuck in a poverty trap where external help ()in the form of humanitarian aid) is absolutely vital in order to reduce “the immediate suffering of the people of this country.”

Source of image: OCHA/Gema Cortes

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By | 2019-12-16T21:49:00+00:00 December 17th, 2019|Development Economics|Comments Off on Humanitarian aid for Venezuelans by the UN

About the Author:

My name is Daniel Szekely and I work as an IB Economics tutor, examiner and teacher. Having earned an MA degree in Economics at the University of Aberdeen, I started my career as a financial analyst at Morgan Stanley, one of the largest investment banks of the world. Yet, despite the promising career prospects of the banking industry, I decided to make a larger social impact by becoming a teacher. Currently, I teach IB Economics at SEK Budapest International School and have been an examiner for over 8 years. I started EconDaddy as a simple blog to share great articles with my students and others taking IB Economics around the world to use for their commentaries. Being a practicing IB Economics tutor, I have first hand insight into the most common mistakes of students, so the EconDaddy blog now also provides exam and commentary writing tips.

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