The World Bank has said that rising food, fertilizer, insecurity and food inflation were major drawbacks to global growth.
In a report: 2022 has been a year of uncertainty, the Bank said the war in Ukraine, high inflation, supply chain disruptions, and the global economic downturn all combined to drive large price increases for many agricultural products and inputs, such as fertilizers.
In response to these, the global lenders said it made $30 billion available to address food insecurity over a period of 15 months.
“The World Bank Group continues to work with its partners to build food systems and can feed everyone, everywhere, every day by improving food security, promoting ‘nutrition-sensitive agriculture’ and improving food safety.
“The Bank is a leading financier of food systems. In fiscal year 2022, there was $9.6 billion in new IBRD/IDA commitments to agriculture and related sectors.
“Furthermore, the Global Alliance for Food Security, jointly convened by the German G7 Presidency and the World Bank Group, launched the Global Food and Nutrition Security Dashboard in November as a key tool to fast-track a rapid response to the unfolding global food security crisis,” the report said.