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War Threatens the World Economy, UN Warns

in News
War threatens the world economy, un warns

Secretary-General António Guterres briefs reporters on the war in Ukraine. “Ukraine is on fire. The country is being decimated before the eyes of the world. The impact on civilians is reaching terrifying proportions… […] It’s time to stop the horror unleashed on the people of Ukraine and get on the path of diplomacy and peace.“ said the Secretary-General.

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Russia’s invasion of Ukraine is already taking a dramatic toll on the world economy and placing a huge swath of the world’s poorest population, the UN said.

“The impact of the war is global and systemic,” UN Secretary-General Antonio Guterres said during a recent briefing. As many as 1.7 billion people are “highly exposed” to the cascading effects of Russia’s war on global food, energy and finance systems.

According to Guterres a “perfect storm” of disruptions to global food, energy and financial markets is a threat for billions around the world. The ongoing coronavirus pandemic, as well as climate change have already set a challenging situation that became even worse after the war in Ukraine.

The region’s importance as a major commodities exporter and the impact of unprecedented sanctions on Moscow are already rattling markets all over the world.

The UN warned that Russia and Ukraine produce about 30% of the Earth’s wheat, with most of the poorest countries relying on them. As a result of the war, food prices are at the highest levels ever recorded by the UN’s Food and Agriculture Organization. Crude oil prices rose 60% in one yea, and fertilizer prices have more than doubled.

According to the WTO, global merchandise trade volume is expected to grow 3% this year, down from the previous forecast of 4.7%, however this figure is to be revised given the uncertainty surrounding the conflict.

Tags: Ukraine invasionUnited Nations

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