The Economist: Global food catastrophe is imminent


The Economist: Global food catastrophe is imminent


The Economist reported that the global food system, already weakened by pandemic-related shocks and the energy crisis, is expected to be severely impacted by the conflict in Ukraine and Western sanctions against Moscow.

The report stated that “Ukraine’s exports of grain and oilseeds have mostly stopped and Russia’s are threatened.”

According to the magazine, the We For News said that the two nations supply 12% of “traded calories.”

Earlier this week, wheat prices – up 53% since the start of 2022 – reportedly soared by further 6% shortly after India prohibited all exports of the vital food commodity with immediate effect because of an alarming heatwave.

UK would fund 2 million pounds ($2.6 million) worth of vital food supplies for areas of Ukraine which are encircled by Russian forces following a direct request from the Ukrainian government (File photo: Euromaidan Press)

 

In the 2021-2022 season, which began in July last year, Russian suppliers accounted for 16% of global wheat exports, and Ukrainian producers accounted for 10%. However, the conflict forced both nations to ban exports of the grain.

Egypt counts on ‘strategic relations with France’ to secure wheat supplies amid Ukrainian crisis

In February, Russia restricted the export of wheat, rye, barley and corn outside the Eurasian Economic Union (EAEU) until June 30. Meanwhile, Ukraine has shut its only remaining port in Odessa.



The situation was also exacerbated after Kazakhstan, another major grain supplier, largely banned exports to protect its domestic food supplies.

The number of people who cannot be sure of getting enough to eat has reportedly surged to 1.6 billion, while nearly 250 million are on the brink of famine. Hundreds of millions more could fall into poverty.

Russian invasion against Ukraine affects wheat and grain markets worldwide

On May 18, Antonio Guterres, the UN secretary general, warned that the coming months threaten “the specter of a global food shortage” that could last for years.

Source: wefornews