October 2, 2022
Impact of Russia-Ukraine war on Pakistan

Impact of Russia-Ukraine war on Pakistan

Impact of Russia-Ukraine war on Pakistan

The global economy has been disrupted by the Corona pandemic and the Russia-Ukraine war.

The ongoing crisis has created the risk of an unprecedented situation in the developing countries of the world.

Sri Lanka is the first country in the world to become economically bankrupt due to this terrible crisis.

However, many people believe that Pakistan is the second country in this list.

  • In such a situation, the World Bank says, the price of food in Pakistan has increased by 5 to 30 percent. News from The Express Tribune.
  • Poor countries are suffering from food and credit crisis due to Russia-Ukraine war.
  • Several African countries are facing the worst food shortage in the last 40 years.
  • Besides, inflation has touched double digits in many low-income countries, including Pakistan.
  • Food inflation has increased in all middle-income countries.
  • According to a report on global food security published by the World Bank, the ongoing crisis has created the risk of an unprecedented situation in the developing countries of the world.
  • Food prices in Pakistan have increased by 5 to 30 percent.
  • Two years ago, a devastating explosion at a grain warehouse in Beirut completely destroyed the country’s ability to store and distribute corn and wheat to meet the needs of 6.8 million people.

The World Bank says Lebanon is facing its worst food crisis since the explosion

Impact of Russia-Ukraine war on Pakistan

Food inflation in Lebanon hit 332 percent last June, before reaching 255 percent in Zimbabwe and 155 percent in Venezuela.

Turkey ranks fourth in the top list of food inflation rates.

The country currently has a food inflation rate of 94 percent.

Developed countries are also at risk due to high inflation.

The developed countries of the world are also facing food price inflation of about 78.6 percent.

The most affected countries are Africa, North America, Latin America, South Asia, Europe and some countries in Central Asia.

The Russia-Ukraine war has forced many countries to spend more than one percent of their annual national income on food.

At the same time, the World Bank has warned that many countries will fail to cope with the financial impact and may plunge into debt crisis altogether.