Geneva, 16 December 2022
This new UNCTAD note assesses the potential effect of high prices of wheat and concurrent currency devaluations on the import bills of selected developing countries. The price of food has increased everywhere, reaching historic levels in 2022.
This is a challenge for food security globally, but particularly for net food importing developing countries. And unlike in previous food crises, they now face a double burden. They not only pay higher prices for the food they import, but the price increase is exacerbated by the depreciation of their currency vis-à-vis the US dollar.
This erodes the fiscal space that many developing countries need to face the concomitant challenges of recovering from the COVID-19 pandemic, the cost-of-living crisis, and the climate emergency.
About UNCTAD
UNCTAD is the UN trade and development body. It supports developing countries to access the benefits of a globalized economy more fairly and effectively and equips them to deal with the potential drawbacks of greater economic integration.
It provides analysis, facilitates consensus-building and offers technical assistance to help developing countries use trade, investment, finance and technology as vehicles for inclusive and sustainable development.
Source – UNCTAD – Email