how people cope in the emerging market crisis
Last Updated : GMT 07:46:37
Arab Today, arab today
Arab Today, arab today

How people cope in the emerging market crisis

Arab Today, arab today

Arab Today, arab today How people cope in the emerging market crisis

Austerity has affected the lives of people around the world
Paris - AFP

From booking a holiday to something as basic as buying bread or cooking oil, the crisis in emerging markets has gripped many aspects of people's lives.

World finance ministers gather in the Peruvian capital Lima from October 9-11 to ponder the crisis, prompted largely by a China-led commodities price crash, but people are already feeling its impact.

Four people from emerging economies around the world describe how they cope with the dwindling value of their money:
NO MORE COOKING OIL

In the Zambian capital of Lusaka, 38-year-old electronics and household goods stock controller Gibson Chivunda is struggling.

"Prices have skyrocketed while the value of my salary has continued to depreciate," the married father of three said in an interview. Bread, maize flour and cooking oil prices have soared.
"Where we used to buy three bottles of cooking oil, we are now buying two bottles and in the remaining days of each month we use pounded ground nuts instead," Chivunda said

"Imported goods are too expensive. Shops keep changing prices every other hour."

Chivunda said he could no longer take his family on holiday or out to dinner because his salary cannot keep pace with the depreciating value of the currency.

Some shops are now charging in dollars, Chivunda said, adding that he was considering opening a dollar-denominated bank account.
CUTTING BACK ON HOLIDAYS

The relatively well-off are feeling the pinch, too.

In Rio de Janeiro, 28-year-old lawyer Priscilla Rocha, who lives in a new suburb dotted with shopping malls, said she will still be taking her US vacation in December.
"But the purpose of the trip has changed. Instead of going to buy clothes and cosmetics like I used to, I will get to know the country and travel. I won't buy hardly anything," Rocha said.

"My income is not affected but I am spending less. I used to go to the shopping mall every week and buy something. But it is not just the fall of the real. People fear the economic crisis, prices have gone up with inflation, they are scared to consume, the media only speak about that and it's contributing to the pessimism. Everyone is saving a bit."

Rocha said she saves about 20 percent of her salary and changes it into dollars "because I don't know whether the real is going to carry on falling."
ELECTRONICS PRICES RISE

Anggrita Desyani, a 25-year-old press officer at a government-backed science association in Jakarta, has a steady job and income but is seeing some prices go up.

"Electronic appliances are getting more expensive, while things you use every day like food and transportation is not changing so much," she said.
Desyani said she had advised her father against buying a computer hard drive. "The price is much higher than when I bought one, three or five months ago. I said: 'Maybe you should wait'."

The rupiah's sharp decline also pushed up the cost of a holiday to Japan, she said. "I had already booked tickets and also hotels so changing the date was not an option for me," she said. "But I had to spend more.”
TAKING ON EXTRA WORK

In Colombia, where the peso has plunged along with oil prices, 35-year-old Jose Francisco Socarrasin has been a teaching technology at a school in the capital Bogota for the past 10 years.

He is not married but looks after his mother. "We all have responsibilities that we cannot ignore," he said.

Last year, his regular salary no longer sufficed and he started to teach extra classes privately. Now those extra classes have stretched to four hours a day, in addition to the eight hours he teaches at school.

"I would like to do more private classes but travelling on public transport makes that impossible," he said.

Socarrasin said his purchasing power had been cut by 40 percent. "A year ago with 100,000 pesos ($33) you could buy five products in the supermarket, now you can only get three."

The teacher said he tried to avoid big purchases except for emergencies.

"A few months ago I had to do some very costly work on the house and I had to buy some very expensive books I need for work. Those are the two times I used the credit card."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

how people cope in the emerging market crisis how people cope in the emerging market crisis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

how people cope in the emerging market crisis how people cope in the emerging market crisis

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday