Rising Food Prices: Understanding the Impact on Developing Economies

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Rising Food Prices: Understanding the Impact on Developing Economies

November 29, 2023

To emphasize the importance of addressing this issue and discuss the potential actions that need to be taken to ensure food security and sustainable development in these nations, the Policy Center for the New South is organizing a webinar titled “Rising Food Prices: Understanding the Impact on Developing Economies”. The webinar will be held on November 29th, at 3 PM (GMT+1/ Rabat time).

Food inflation in developing countries carries profound implications for both the economy and the populace of these nations. This phenomenon denotes the sustained escalation in the costs of food commodities, instigated by an array of determinants, including climatic conditions, supply chain disruptions, economic policies, and market dynamics. As such, it represents a complex and multifaceted challenge that requires a nuanced approach to comprehensively understand its root causes and devise effective interventions.

In developing countries, where a substantial portion of the population is poor, rising food prices can lead to a decline in their standard of living, malnutrition, and even hunger. This is particularly true for those who spend a significant portion of their income on food. Food inflation can also have broader economic implications, such as reduced consumer spending on other goods and services, hampering investment, and driving up interest rates, exacerbating poverty and inequality.

It is worth noting that food inflation in developing countries has global repercussions as these nations often provide vital food resources to the global market. Fluctuations in food prices in these nations can impact food security and prices worldwide, creating challenges for policymakers to manage and mitigate its impacts.

Therefore, it is imperative for policymakers to understand the drivers of food inflation in developing countries and develop effective strategies to manage and mitigate its impacts on the economy and the population. These strategies may include policies that address supply chain disruptions, enhance productivity in the agricultural sector, and improve market competition, among others.

Speakers

Ahmed Ouhnini

Economist, Policy Center for the New South

Ahmed Ouhnini is an Economist at the Policy Center for the New South. His research area covers agricultural economics, human and social development. Previously, he has worked as a researcher at the Paris School of Economics (PSE) and has also a record of working in consulting services in Morocco. Ahmed holds an engineering Diploma in Agriculture and Rural Development from the National School of Agriculture of Meknes and a Master’s Degree in Law, Economics and Management from the Paris 1 Pantheon Sorbonne Institute of Development. ...

Hafez Ghanem

Senior Fellow

Hafez Ghanem – who holds a PhD in Economics from the University of California, Davis – is Senior Fellow at the Policy Center for the New South, a development expert with a large number of academic publications; and more than forty-year experience in policy analysis, project formulation and supervision, and management of multinational institutions. He has worked in over 40 countries in Africa, Europe and Central Asia, Middle East and North Africa, and South East Asia. Between 2015 and 2022 he was Vice President of the World Bank, initially responsible for the Middle East and North Africa, then for Sub-Saharan Africa and then East and Southern Africa. In this latter capacity he was responsible for developing and implementing the World Bank’s strategy in the region, inc ...

Isabelle Tsakok

Senior Fellow

Isabelle Tsakok, development practitioner, policy analyst, researcher, and teacher, is a Senior Fellow at the Policy Center for the New South. She grew up in the Republic of Mauritius, a multi- lingual, multi-ethnic and multi-cultural society. She holds a PHD in Economics from Harvard University, and a BA in Phil/Econ from the London School of Economics. As World Bank staff and consultant, she has focused on agricultural and rural development including on issues of agricultural transformation, food security, and poverty reduction. She has worked in most regions of the developing world, including Africa –North and South of the Sahara; Asia - South, Southeast and East; and Latin America. She has taught courses on agricultural policies and institutions at the World Bank; the Scho ...