The war in Ukraine has sent commodity prices soaring, creating fresh shock waves across poorer countries already hard-hit by the pandemic, the UN said Thursday, warning that “profound social anxiety” was spreading. Read more here:
In a new report, the UN trade, investment and development agency warned that the conflict raging in Ukraine was causing a global economic slowdown that was hitting developing countries the hardest.
“Many developing countries have struggled to gain economic traction coming out of the COVID-19 recession and are now facing strong headwinds from the war,” she said.ADVERTISEMENT With Ukraine’s access to its ports cut off by the Russian invasion, and Russia increasingly isolated from export markets and its entire economy under sanctions pressure, those supplies are shrinking fast, spurring surging prices.
And UN chief Antonio Guterres warned late last month that the conflict could reverberate far beyond Ukraine, causing a “hurricane of hunger and a meltdown of the global food system.”
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