Pandemic and War Reverse Decades of Global Poverty Reduction
TimeMAR 23 2023
The blame for soaring prices is laid squarely on Russia and President Putin's invasion of Ukraine. Soaring costs of food production — which drive inflation both in the developed and developing world — have now made famine a reality in a sizable portion of Africa. Furthermore, speculation by financial traders on food prices also drives prices up further, and climate change is yet another problem. With multiple problems already stretching resources thin, food supplies will not be safe until Russia ends its invasion.
The West is being deceitful about the cause of the global food crisis. The problem is not Russia’s invasion of Ukraine but rather the West’s attempt to cripple Russia’s economy as punishment. By doing so, the price of grain, cooking oil, fertilizer, and energy are soaring, hurting global growth. Western sanctions also tipped agricultural markets towards the edge of the abyss by disrupting payment systems, shipping, and insurance, preventing Russian exports of food and fertilizer to the Global South.