Similarly, the unilateral sanctions imposed by the United States will result in an annual growth slowdown of almost 1 percentage point, resulting in a 13 percent decline in per capita economic output over the long term.
“Economic sanctions consistently hit those living in or near poverty the hardest. This pattern has been evident in past cases, particularly with US sanctions. For example, studies show that the sanctions imposed on Iran in 2012 primarily affected the country’s young and less educated population,” explains Florian Neumeier, head of Ifo’s research group on taxation and tax policy. These findings are based on estimates from 160 countries, 67 of which have faced economic sanctions between 1976 and 2012. However, since the sanctions have primarily targeted smaller economies in the past, it is challenging to extrapolate the exact impact to a larger economy such as Russia. , Neumeier states.
In addition, economic sanctions have been found to have a negative effect on life expectancy, especially in poorer countries. UN sanctions reduce life expectancy by an average of 1.2-1.4 years, while US sanctions reduce life expectancy by about six months. “When looking at the difference in life expectancy between men and women, it becomes clear that women are more vulnerable to the harmful effects of sanctions,” Neumeier emphasizes.
The unintended consequences of economic sanctions disproportionately affect vulnerable communities, exacerbating existing inequalities and stifling opportunities for socioeconomic progress. While the intent behind the imposition of sanctions is often rooted in political motivations, it is crucial to consider the humanitarian implications of such measures. When weighing the costs and benefits of economic sanctions, the adverse effects on the poverty-stricken population and their general well-being must be carefully assessed.
As policy makers navigate complex international relations, it is imperative to find alternative approaches that minimize harm to the most vulnerable sections of society. Balancing diplomatic goals and the need to protect the rights and livelihoods of individuals living in the target countries is necessary to promote a more just global landscape.
In conclusion, economic sanctions have profound economic and humanitarian impacts, with the most vulnerable communities suffering the most severe consequences. As the world engages in international diplomacy, it is crucial to explore strategies to avoid worsening inequality and prioritize the well-being of all individuals, regardless of their socioeconomic status.
Source: The Nordic Page