The global economy is on the edge of a precipice, and it may be the biggest crisis since the Second World War.
The invasion of Ukraine has compounded the effects of the Covid-19 pandemic. It brings the cost of the food and fuel to skyrocket which weighing on the economic recovery and fanning inflation.
Rising interest rates are putting more pressure on countries, companies, and households. Climate changes, market turbulence and ongoing supply chain constraints also make the situation become more worse.
To lower economic stress, the IMP is calling for government officials and business leaders meeting in Davos to discuss reducing trade barriers.
However, earlier this month, Indian government decided to ban the export of wheat and it triggered the price of grain soaring. Some countries are heading in the opposite direction of IMF and implementing restrictions on trade in food and agriculture products that could probably exacerbate the shortages and push the prices even higher.