The Impact of the global food crisis and potential policy answers

Ukraine is a major exporter of agricultural products, especially sunflower oil and wheat, but, due to the war, key export routes, through the country’s Black Sea ports, are now blocked because of a de-facto Russian naval blockade.

This is driving prices up for grain and cooking oil, making imports less affordable in poorer countries and contributing, together with rising energy prices, to a cost-of-living crisis even in rich economies, thereby further increasing the likelihood of a global recession.