Ukraine war food price spikes may push 40 million into extreme poverty

Ground Report | New Delhi: Ukraine war extreme poverty; Russia’s attack on Ukraine is affecting the whole world. Global food and energy prices have skyrocketed since Russia invaded Ukraine on 24 February.

The US think tank, the “Center for Global Development (CGD)” is now warning that the scale of the price jump could push some 40 million people around the world into extreme poverty.

In an analysis blog here, the Washington-based think tank said prices of staple foods since the start of the conflict have risen above levels experienced at price spikes in 2007 and 2010. It cited Bank research. World that show the 2007 peak may have pushed as many as 155 million people into extreme poverty, and separate research showing the 2010 episode pushed 44 million into extreme poverty.

“The price increases seen to date are already of a similar magnitude to the 2010 increases, and our analysis suggests that at least 40 million people will be pushed into extreme poverty by the 2022 price increase,” the researchers wrote. CGDEV researchers.

The World Bank defines extreme poverty as living on less than $1.90 a day. The researchers said the most immediate concern was for Ukraine’s and Russia’s direct wheat customers, which together account for more than a quarter of global wheat exports. These include Egypt, Indonesia, Bangladesh, Pakistan, Azerbaijan and Turkey, but prices will rise around the world as importers compete for alternative supplies.

Also Read:  What is Lend-lease act that Biden sign to help Ukraine?

The CGD also points out how the former Soviet region is so important to agricultural trade. Russia and Ukraine produce 29% of the world’s wheat. One-sixth of the total manure produced in the world comes from Russia and Belarus.

The think tank says that the impact of these tremors will be widely felt but will affect poorer countries more. CGD experts are advising that grain producers, including the G20, should keep their markets open and not impose any restrictions on them. Meanwhile, governments and international organizations must act quickly for humanitarian needs. (Ukraine war extreme poverty)

You can connect with Ground Report on FacebookTwitterInstagram, and Whatsapp and Subscribe to our YouTube channel. For suggestions and writeups mail us at GReport2018@gmail.com 

ALSO READ: