http://doi.org/10.35668/2520-6524-2022-1-01
Fedulova S. O. — D. Sc. in Economics, Professor, Alfred Nobel University, Sicheslavska Naberezhna, 18, Dnipro, Ukraine, 49000; +38 (067) 775-76-89; sveta_fedulova@ukr.net; ORCID: 0000-0002-5163-3890
GLOBAL FOOD SECURITY CRISIS OF THE WORLD IN 2022
Abstract. The article describes how the war in Ukraine immediately affected global food markets, due to the fact that Ukraine and Russia are global players in agricultural products such as wheat, corn or sunflower oil and seeds that are important for food security. It is determined that the war in Ukraine could provoke food riots in unstable African countries. This situation in Ukraine is already leading to rising food prices and a shortage of major crops in parts of Central Asia, the Middle East and North Africa. The study updates that the world’s global food system is under threat as Russia’s invasion of Ukraine endangers one of the world’s biggest breadbaskets. It is determined that given the significant share of Ukraine’s exports in the world market of sunflower oil, failures in its supplies have significant consequences for major importers of sunflower oil, namely India, the European Union, China, the Islamic Republic of Iran and Turkey. The article proves the legality of the decision of the International Court of Justice as a temporary measure, because Russia is a party to the Genocide Convention, and thus its consent is automatic to the resolution of disputes under this Convention in the International Court of Justice. Three key channels have been identified that will follow the economic consequences of the world war in terms of food and economic security. The article formulates the possible main directions of the global economic recovery of the world through Russia’s military invasion of Ukraine. The disruption of food exports caused by the military invasion of Ukraine exposes global food markets to increased risks of declining availability, unmet demand for imports and rising international food prices.
Keywords: agri-food markets, food security, system, global economy, political stability.
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