The U.N. Secretary-General Warns Of A “Perfect Storm”

According to press reports, the U.N. Secretary-General has warned that Russia’s war in Ukraine has put developing economies in a dire strait.

“As many as 1.7 billion people — one third of whom are already living in poverty — are now highly exposed to disruptions in food, energy and finance systems that are triggering increases in poverty and hunger,” Antonio Guterres told reporters.

He said 36 countries, including some of the world’s poorest, depend on Russia and Ukraine for more than half of their wheat imports.

“Prices were already on the rise, the war has made a bad situation far worse,” he said, noting that wheat and maize prices have risen 30% just since January.

“As prices climb, so does hunger and malnutrition – especially for young children,” Guterres said.

He noted that the war poses a huge setback for the economic growth of developing countries as rising global inflation will cut purchasing power, hurt domestic growth, and slow progress in development.

“This is setting in motion a potential vicious circle of inflation and stagnation — so-called stagflation,” Guterres said.

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Edited by Jesus Chan

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