Russia-Ukraine war threatens to devastate many developing economies, warns UN

“We are now facing a perfect storm that threatens to devastate the economies of many developing countries,” Guterres said. “As many as 1.7 billion people are now highly exposed to disruptions in food, energy and finance systems that are triggering increases in poverty and hunger.”

United Nations: Russia's war on Ukraine threatens to devastate the economies of many developing countries that are now facing even higher food and energy costs and increasingly difficult financial conditions, a UN task force warned Wednesday.

UN Secretary-General Antonio Guterres released the report saying that the war is “supercharging” a crisis in food, energy and finance in poorer countries that were already struggling to deal with the COVID-19 pandemic, climate change and a lack of access to adequate funding for economic recovery.

“We are now facing a perfect storm that threatens to devastate the economies of many developing countries,” Guterres said at a news conference. “As many as 1.7 billion people -- one-third of whom are already living in poverty -- are now highly exposed to disruptions in food, energy and finance systems that are triggering increases in poverty and hunger.”

Rebeca Grynspan, secretary-general of the UN agency promoting trade and development who coordinated the task force, said those people live in 107 countries that have “severe exposure” to at least one dimension of the crisis -- rising food prices, increasing energy prices and tightening financial conditions.

In these countries, the report says, people struggle to afford healthy diets, imports are essential to meet food and energy needs, and “debt burdens and tightening resources limit government's ability to cope with the vagaries of global financial conditions.”