The writer is a senior fellow at Harvard Kennedy School and chief economist at Kroll
Governments are spending a lot of time and resources trying to mitigate the soaring cost of energy following Russia’s invasion of Ukraine. But the war has sown the seeds of an even bigger crisis that is not getting nearly the same amount of attention. A global food shortage is pushing food prices to record levels, with economic and political implications for developed countries and a threat of famine and debt distress in the emerging world. Much more must be done.
Russia’s invasion turbocharged existing food insecurity. Ukraine and Russia account for over one-tenth of all calories traded globally. They produce 30 per cent of world wheat exports as well as 60 per cent of its sunflower oil. At least 26 countries rely on Russia and/or Ukraine for more than half of their grains.