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Davos leaders: Food crisis could lead to trade war
Shafaq News/ Business leaders and policy makers at the World Economic Forum "Davos" said that the global food crisis has precipitated protection steps by countries that are likely to further exacerbate the problem and may lead to a wider trade war.
In a sign of mounting pressure on food supplies and rising prices, India has restricted sugar exports for the first time in six years to prevent domestic prices from rising.
Meanwhile, Indonesia, the world's largest palm oil exporter, will eliminate subsidies on bulk cooking oil and replace it with a price cap on raw materials for local refineries.
For residents of sub-Saharan Africa, for example, 40% of their consumption is spent on food, said Gita Gopinath, chief economist at the International Monetary Fund. In addition to the "big hit to the cost of living", rising prices have led to increased hoarding by governments.
She added, "We have more than 20 countries that have imposed restrictions on exports of foodstuffs and fertilizers, and this will only exacerbate the problem and make matters worse."
The Russian invasion of Ukraine, which Moscow describes as a "special military operation", led to a sudden crisis in a crisis that was already imminent.
“Before Ukraine we were facing an extraordinary food crisis,” said David Beasley, Executive Director of the United Nations World Food Programme. “Food costs, commodity prices, and shipping costs were already doubling, tripling and quadrupling.”
He added that the number of people "walking towards starvation" had risen from 80 million to 276 million over the past four or five years.
"Keeping the ports closed with the harvest season now approaching in Ukraine in July and August means declaring war on global food supplies," he noted.
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In a sign of mounting pressure on food supplies and rising prices, India has restricted sugar exports for the first time in six years to prevent domestic prices from rising.
Meanwhile, Indonesia, the world's largest palm oil exporter, will eliminate subsidies on bulk cooking oil and replace it with a price cap on raw materials for local refineries.
For residents of sub-Saharan Africa, for example, 40% of their consumption is spent on food, said Gita Gopinath, chief economist at the International Monetary Fund. In addition to the "big hit to the cost of living", rising prices have led to increased hoarding by governments.
She added, "We have more than 20 countries that have imposed restrictions on exports of foodstuffs and fertilizers, and this will only exacerbate the problem and make matters worse."
The Russian invasion of Ukraine, which Moscow describes as a "special military operation", led to a sudden crisis in a crisis that was already imminent.
“Before Ukraine we were facing an extraordinary food crisis,” said David Beasley, Executive Director of the United Nations World Food Programme. “Food costs, commodity prices, and shipping costs were already doubling, tripling and quadrupling.”
He added that the number of people "walking towards starvation" had risen from 80 million to 276 million over the past four or five years.
"Keeping the ports closed with the harvest season now approaching in Ukraine in July and August means declaring war on global food supplies," he noted.
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