World meat industry news

Deputy Chairman of the Security Council of the Russian Federation Dmitry Medvedev said that a food crisis is coming in the world and no one can give accurate forecasts for overcoming the downturn in the global economy now.

‘It is obvious that there is a food crisis in the world. Food prices are rising everywhere, food inflation is accelerating,’ Medvedev said in an article published in the Rossiyskaya Gazeta. 

He noted that what is happening now in the global economy can be described in one word - a recession that is much more serious than during the financial crisis of 2008-2009. 

In general, according to Medvedev, the crisis hit developed countries with a higher level of globalization harder, but at the same time more advanced economies demonstrate the ability to accelerate recovery. 

Thus, according to the forecast of the Organization for Economic Cooperation and Development, most developed countries will fully restore the pre-crisis level (in terms of GDP per capita) by the end of 2022. Some developing countries will be able to return to pre-pandemic indicators no earlier than 2024, the deputy chairman of the Security Council noted. 

According to him, in order to overcome the consequences of the global downturn, an effective policy aimed at further economic recovery and maintaining price stability is required.

‘Now, the high level of debt in some countries and unprecedented inflation rates have become new challenges on the way to these goals. Much will depend on the pace of resumption of foreign trade turnover, especially in terms of export-import of services. No one can give accurate forecasts now,’ Medvedev stressed.

He noted that the situation in the global economy is influenced by many non-economic factors: the rate of vaccination of the population, the threat of the emergence of new, more dangerous strains of coronavirus.

‘And especially strongly — factors of a political nature. In particular, such as the political will for international cooperation in the fight against coronavirus. However, not all states are ready to show it. And this is one of the most serious problems today,’ Medvedev added.