The United Nations Secretary-General has warned that the world is on the brink of a “perfect storm” as the war in Ukraine exacerbates an already struggling global economy.
In a press release Wednesday, the UN said the war could lead to a “three-dimensional crisis” of food, energy and finance — areas that have already been hit hard by Covid-19 and climate change.
“We are now facing a perfect storm that threatens to devastate the economies of developing countries,” António Guterres said.
“The people of Ukraine cannot bear the violence being inflicted on them.
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And the most vulnerable people around the globe cannot become collateral damage in yet another disaster for which they bear no responsibility.”
The report says Russia and Ukraine provide around 30% of the wheat and barley consumed globally, with Russia also the world’s top natural gas exporter, second-largest oil exporter and a significant producer of fertilizers.
The UN says up to 1.7 billion people in 107 economies are likely to feel the impact of at least one of the three crises, with those in Africa, Asia and the Pacific, Latin America and the Caribbean particularly at risk.
A UN brief proposes numerous short to long term recommendations to help avert global crises, including moving away from fossil fuels to renewable energy, G20 countries and banks providing funding to the least developed nations, and limiting export restrictions on food.
“We need to pull developing countries back from the financial brink,” Guterres added. “The international financial system has deep pockets.
Above all, this war must end. We need to silence the guns and accelerate negotiations towards peace, now.
“For the people of Ukraine. For the people of the region. And for the people of the world.”
