Today: 11 July 2025
15 March 2022
1 min read

‘Sword of Damocles’ hangs over global economy’

The index that measures changes in the international prices of a basket of food commodities hit 140.7 in February, an all-time high in real terms since 1961…reports Asian Lite News

UN Secretary-General Antonio Guterres has warned that “a sword of Damocles hangs over the global economy” because of the ongoing war in Ukraine, adding that developing countries were most at risk.

Calling the war “an assault on the world’s most vulnerable people and countries”, Guterres on Monday drew a dismal picture of the global situation.

“Food, fuel and fertilizer prices are skyrocketing. Supply chains are being disrupted. And the costs and delays of transportation of imported goods e when available e are at record levels.

“The FAO’s (Food and Agriculture Organisation’s) global food prices index is at its highest level ever,” the UN chief said,adding that and all these could portend political instability and unrest around the world.

The index that measures changes in the international prices of a basket of food commodities hit 140.7 in February, an all-time high in real terms since 1961.

Gutteres also announced the formation of a Global Crisis Response Group on Food, Energy and Finance in the UN Secretariat to deal with these threats.

“We will be consulting with Member States willing to champion the actions needed to carry forward the global emergency response that will be required for these looming crises.

“This war goes far beyond Ukraine” hitting the recovery from the two-year onslaught of the Covid-19 pandemic.

“Even before the conflict, developing countries were struggling to recover from the pandemic e with record inflation, rising interest rates and looming debt burdens (and) their ability to respond has been erased by exponential increases in the cost of financing.

“Now their breadbasket is being bombed. Russia and Ukraine represent more than half of the world’s supply of sunflower oil and about 30 per cent of the world’s wheat,” he added.

ALSO READ-India’s semiconductor hub dream looms over Ukraine crisis

Previous Story

Guinness World record holders inspire crowds at Dubai International Boat Show 2022

Next Story

Putin sanctions Biden

Latest from Economy

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as OPEC launches new World Oil Outlook at Vienna seminar…reports Asian Lite News Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum

ADX, banks launch region’s first digital bond

Abu Dhabi Securities Exchange (ADX) has launched the pricing phase for the region’s first distributed ledger technology (DLT)-based bond, setting a new benchmark in financial innovation and blockchain integration. The bond, issued

India Outpaces Peers in Morgan Stanley Outlook

Global investment firm reaffirms India’s status as top-performing economy in latest growth outlook…reports Asian Lite News India is set to retain its position as the fastest-growing economy among nations tracked by Morgan

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India’s Growth Defies West Asia Tensions

The deepening crisis in West Asia, particularly between Israel and Iran, has had little to no visible impact on India’s economic trajectory or its export performance….reports Asian Lite News The limited trade
Go toTop

Don't Miss

‘UK has to get on war footing for economic growth’

Britain needs to be put on an economic “war footing”

Shell’s exit sparks domino effect fears in Pakistan

The oil major’s announcement might set the ball rolling for