Two years into the COVID-19 pandemic, the global economic order is far from returning to normal. In order to prevent the pandemic from further spreading, a series of measures have been taken globally to control travel and transportation, which has dragged the tourism and logistics sectors into recession.
Worse, the US Federal Reserve has implemented an almost unlimited loose monetary policy, which has pushed up the prices of energy, food grains and other commodities. The recession and the inflation combined have put political pressure on some fragile developing countries such as Kazakhstan.
In Turkey, the inflation rate soared to 20 percent. In Sri Lanka, the inflation rate was as almost 11.1 percent. A common point for these economies facing high inflation is that they rely heavily on the international market for growth. Turkey, for instance, relies heavily on energy and industrial raw…