REDUCING POVERTY, INEQUALITY AND SOCIAL EXCLUSION IN EUROPEAN COUNTRIES BASED ON INCLUSIVE APPROACHES TO ECONOMIC DEVELOPMENT
Alla Kozhyna
Abstract
Poverty, inequality and social exclusion are the most fundamental problems that humanity faces and which have a growing tendency in the world, including Eastern European countries.This is due to the impact of the Covid-19 pandemic, Russia's aggression against Ukraine, rising energy prices, inflation, food shortages, and the climate crisis.According to prognosis of the IMF, European countries will face an economic slowdown to 3%, rising inflation of 5.5% and consumer prices by the end of 2022.The increase will be reduced by two times compared to previous years.Yearly inflation through August 2022 in advanced European economies reached 9.3 percent, and 14.9 percent in emerging European economies (excluding military conflict countries and Turkey).Inflation has been particularly high in Estonia, Latvia, and Lithuania [1].