New York (agencies)
Yesterday, the World Bank warned that the Russian attack on Ukraine increases the risk of social unrest and crises in the poorest countries in the Middle East and North Africa, against the backdrop of rising food and energy prices due to the crisis. In its latest update to its growth forecasts for the region, a World Bank report said that “inflationary pressures” caused by the COVID-19 pandemic were “likely to be exacerbated” by Russia’s offensive against Ukraine.
The World Bank’s Vice President for the Middle East and North Africa, Ferid Belhaj, said in the report that “the threat of Covid-19 mutant still exists, but the crisis in Ukraine has doubled the risks, especially for the poor.” World Bank President David Malpass warned this week that the Russian attack on Ukraine had already triggered a chain reaction in the global economy, driving up energy and food prices and exacerbating poverty and hunger. According to the report issued yesterday, the rise in food prices may have “far-reaching effects that go beyond increasing food insecurity,” noting that “historically in the Middle East and North Africa, increases in bread prices have contributed to crises.”
He added, “This link between food prices, conflict and low growth constitutes a serious concern about a humanitarian crisis in fragile states affected by conflict and violence in the Middle East and North Africa.”
Ukraine is a major exporter of grain, while Russia is a major producer of energy and fertilizers for agriculture.
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