Food production across the world is higher than in the past two years; but export bans worsen the crisis
Fear and greed are two factors that are forcing many nations to keep food grains in their warehouses rather than bringing the same to the world market. This is creating a demand supply gap, which is raising prices to unnatural highs, a situation that could well sound the death knell for the poor in Asia and Africa who spend around 50-80% of their income on food. Media reports now reveal that food riots have already caused unrest in over 30 countries including Bolivia, Egypt, Indonesia, Malaysia et al. The situation is getting worse for the United Nations World Food Programme (UNWFP), which is fighting a clearly losing battle to provide food to more than 850 million estimated hungry people worldwide.
And the clear culprit is the concept of export ban, which is currently being exercised in more than 10 countries around the world; and this has also resulted in the cutting off of aid given to destitute people who mainly depend on UNWFP for their daily meal. The good news is that food production this year is expected to be better than in the last two years. But food prices have risen 83% in the last three years. And the ADB warns that, despite production increase, if the export bans are not taken away immediately, the crisis would necessarily worsen! Till then, get your appendix in order; they say the organ could help the human body in digesting grass. Oh, by the way, grass tastes better with pepper, eh!
Fear and greed are two factors that are forcing many nations to keep food grains in their warehouses rather than bringing the same to the world market. This is creating a demand supply gap, which is raising prices to unnatural highs, a situation that could well sound the death knell for the poor in Asia and Africa who spend around 50-80% of their income on food. Media reports now reveal that food riots have already caused unrest in over 30 countries including Bolivia, Egypt, Indonesia, Malaysia et al. The situation is getting worse for the United Nations World Food Programme (UNWFP), which is fighting a clearly losing battle to provide food to more than 850 million estimated hungry people worldwide.
And the clear culprit is the concept of export ban, which is currently being exercised in more than 10 countries around the world; and this has also resulted in the cutting off of aid given to destitute people who mainly depend on UNWFP for their daily meal. The good news is that food production this year is expected to be better than in the last two years. But food prices have risen 83% in the last three years. And the ADB warns that, despite production increase, if the export bans are not taken away immediately, the crisis would necessarily worsen! Till then, get your appendix in order; they say the organ could help the human body in digesting grass. Oh, by the way, grass tastes better with pepper, eh!
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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