Fears are being sparked worldwide of a prolonged economic crisis due to inflation rates soaring to their highest levels in decades, sparked by Russia’s ongoing war in Ukraine.
Analysts have warned that Russian President Vladimir Putin is hoping that support, especially in the West, for Ukraine will collapse due to economic pressure.
After eleven weeks of Russia’s invasion, the war has passed the boundaries of either country.
Energy costs and inflation rates are spiraling upwards across the globe. Food prices are rising, and essential crops such as wheat, corn, and fertilizer are getting trapped in the region’s breadbasket.
According to analysts, Putin is testing the West to see how long it can bear rising prices and energy shortages.
In the U.S., President Joe Biden gave praise to farmers in the U.S. for helping to feed the world despite the war, severe weather, and issues and blocks within the supply chain.
In Europe, the continent’s biggest economy, Germany, has seen surging food prices, which lifted inflation last month to the highest it has been in about three decades.
As food and agricultural supplies become more scarce, more than 40 countries have stopped exporting oil, wheat, and other commodities over the past few weeks. This includes Turkey and Indonesia.
Experts have warned that rising food prices, and dwindling agricultural output, could even trigger a global hunger crisis.
U.S. Treasury Secretary Janet Yellen said that 275 million people around the world face starvation.
Ukrainian President Volodymyr Zelensky urged the international community this week to take immediate steps to end a Russian block of Ukraine’s ports in order to allow wheat shipments. Russian forces hit the Black Sea port of Odesa with missiles Monday. Zelensky said that for the first time in decades, there was no usual movement of goods — something that has not happened since World War II.