Ngozi Okonjo-Iweala, head of the World Trade Organization (WTO)warned that the war between Russia and Ukraine, a major wheat exporter, will hurt consumers around the world.
“There is going to be a great impact regarding wheat prices and bread prices also for ordinary people,” he said in a virtual event held this Friday, February 25, together with the head of the IMFKristalina Georgieva.
Meanwhile, Georgieva recalled her previous warnings about the “significant economic risk” of the conflict amid the global recovery from the COVID-19 pandemic, saying “the impact will go beyond Ukraine.”
He also highlighted the additional pressure on the inflationwhich is likely to accelerate amid rising energy and wheat prices.
Along these lines, Georgieva stressed that the sanctions on Russia imposed by USA “They add to the economic impact of this crisis and will primarily affect energy and grain prices, adding to the growing concern about inflation and how it can be countered.”
He noted that the conflict in Ukraine adds “a lot of uncertainty” to the economy that is reflected in the financial markets and undermines confidence in emerging countries, causing an exodus of capital at a time when more financing is needed.
Source: Larepublica
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