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âBad situationâ: Soaring US dollar spreads pain worldwide
Gamal, 28, stayed behind, working two jobs, sharing an apartment with other young people and eliminating meat from his diet. âThe prices of everything have been doubled,” he said. “There was no alternative.”
Around the world, people are sharing Gamal’s pain and frustration. An auto parts dealer in Nairobi, a seller of baby clothes in Istanbul and a wine importer in Manchester, England, have the same complaint: A surging U.S. dollar makes their local currencies weaker, contributing to skyrocketing prices for everyday goods and services. This is compounding financial distress at a time when families are already facing food and energy crunches tied to Russia’s invasion of Ukraine.
âA strong dollar makes a bad situation worse in the rest of the world,ââ says Eswar Prasad, a professor of trade policy at Cornell University. Many economists worry that the sharp rise of the dollar is increasing the likelihood of a global recession sometime next year.