Food Security in the Context of the «Perfect Storm» in the Global Economy

Abstract

The relevance of the study is due to the fact that the full-scale Russian invasion on February 24, 2022 and the ongoing war on Ukraine increased food security vulnerabilities around the world, creating new problems for the already volatile markets of the post-pandemic period. The purpose of the study is to examine the impact of the «perfect storm» in the global economy on food security and identify directions for mitigating the emerging threats. It is proved that the existing food security crisis is caused by many factors, and there is also a need to restore global reserves. This process would be significantly accelerated if Ukraine were able to resume its role in the global food market. However, the war goes on, which continues to have a negative impact on production and generates uncertainty about food security. According to the results of the carried out analysis, it is determined that the interaction of international organizations in the field of food security and government agencies is a very important factor in solving issues of stabilizing the level of food security. Certainly, not all potential threats can be predicted if they are natural, geopolitical or of economic nature, but the interaction of FAO and similar organizations with analytical associations can contribute to a partial solution to this problem. It is substantiated that the transformation of the food sector should be inclusive, ensuring the active involvement of all its actors (for example, governments, international organizations, companies, farmers, etc.) in the development and implementation of targeted measures. In addition, this transformation is connected with the implementation of policies that reduce dependence on several exporting countries and replace corn and wheat with local crops, as well as the development of domestic food systems aimed at creating a network of short supply chains based on seasonal products. This will make it possible to mitigate the risks of food security in the global economy in the medium term.