UN Affairs

A Major Crisis Brewing in Ukraine Could Cause Economic Chaos Globally

Russia’s continued invasion of Ukraine is causing immense suffering and devastation there, but also creating a “perfect storm” which could devastate the economies of “many developing countries”, the UN chief warned on Wednesday.

UN Secretary-General António Guterres was speaking in Sweden alongside Prime Minister Magdalena Andersson, where he is attending the Stockholm+50 conference, which he described as “a crucial opportunity to bolster our response to the triple planetary emergency of climate disruption, pollution and biodiversity loss.”


‘Practical steps’


Mr. Guterres said the UN remained “intensely focused on practical steps to save lives and reduce human suffering” inside Ukraine, including maintaining humanitarian corridors, but for many developing countries, the climate crisis, growing debt and economic insecurity, were now compounded by “ballooning energy costs and growing hunger”, due to the war that is crippling Ukraine’s food exports.


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A perfect storm is threatening to devastate the economies of many developing countries, he said.


He called for “quick and decisive action to ensure a steady flow of food and energy in open markets, by lifting export restrictions, allocating surpluses and reserves to vulnerable populations, and addressing food price increases to calm market volatility.”


But there would be no solution, without bringing Ukraine’s food production back into the global market, alongside food and fertilizer from Russia.


Diplomatic push


The UN chief told reporters he was continuing to “exert every possible effort and use my good offices to promote a dialogue” between Moscow and Kyiv, to end the war, and the UN now has two teams led by Emergency Relief Coordinator Martin Griffiths, and UN trade and development chief, Rebeca Grynspan, working on a deal to alleviate the food crisis.


The two agency heads are working on an agreement for the “safe and secure export of Ukrainian-produced food through the Black Sea”, Mr. Guterres said, “along with unimpeded access of Russian food and fertilizers to global markets, especially developing countries.”


According to the UN Spokesperson, Ms. Grynspan had “constructive discussions” in Moscow on Tuesday with Russia’s First Deputy Prime Minister, and is now in Washington, for talks on the same issue of facilitating Russian grain and fertilizer exports.


The Secretary-General said he and the Swedish Prime Minister had discussed the Ukraine crisis, it’s implications for wider European security, “and possible pathways towards de-escalation and a negotiated settlement in line with international law and the UN Charter.”


Sweden’s solidarity


He expressed gratitude for Sweden’s “remarkable solidarity” in welcoming Ukrainian refugees and for providing vital support to our humanitarian operations.


Mr. Guterres also welcomed Sweden’s leadership on climate action, showing how setting and striving towards climate targets, could create jobs, generate green growth, and strengthen the social fabric overall.


“I welcome Sweden’s commitment to achieve net-zero emissions by 2045 at the latest, and negative emissions shortly thereafter”, he said, adding that he was counting on the European Union, “to match this ambition and review its renewable energy and energy efficiency targets this year.”


Adaptation and mitigation must be pursued with equal urgency”, he said, with developing countries receiving necessary support at speed and at scale.


“I count on all developed nations including Sweden to reassure developing countries with a clear and credible roadmap on how they will double finance for adaptation – as agreed in Glasgow (at COP26) last year.


“But most importantly, we must uphold the Paris Agreement, keep the 1.5 degree goal alive, and rescue the Sustainable Development Goals (SDGs).”

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12 Comments

  1. Do you think the devastating impact on developing countries due to the Ukraine crisis is receiving enough global attention and support?

    1. EmilyJohnson, it’s crucial that the devastating impact on developing countries due to the Ukraine crisis receives more global attention and support. Immediate action must be taken to address the economic chaos that is looming and prevent further suffering.

  2. A perfect storm is threatening to devastate the economies of many developing countries, he said. He called for “quick and decisive action to ensure a steady flow of food and energy in open markets, by lifting trade barriers and donating surplus produce.”

  3. As per the article, the situation in Ukraine is truly dire, and the impact is being felt in economies worldwide. The UN chief’s warning about the potential economic chaos is alarming but necessary to address. The call for swift action to stabilize food and energy supplies is crucial in mitigating the crisis.

  4. It is truly devastating to see the impact of Russia’s invasion of Ukraine not only on the people there but also on the global economy. The warning from the UN chief about the potential economic chaos that could affect developing countries is alarming. Immediate and coordinated action is needed to address the escalating crisis and prevent further suffering.

  5. It’s heartbreaking to see the immense suffering caused by Russia’s invasion of Ukraine. The economic chaos looming as a result could be catastrophic for many developing countries. Urgent action is needed to prevent further devastation and ensure stability in global markets.

  6. Russia’s continued invasion of Ukraine is causing immense suffering and devastation there, but also creating a “perfect storm” which could devastate the economies of “many developing countries”. The UN chief’s warning highlights the urgent need for practical steps to address the growing crisis and ensure a steady flow of food and energy in open markets, by lifting barriers and taking decisive actions to alleviate economic chaos globally.

  7. A perfect storm is threatening to devastate the economies of many developing countries, as highlighted by the UN Secretary-General. Quick and decisive action is crucial to ensure a steady flow of food and energy in open markets, by lifting barriers and restrictions.

  8. It’s alarming to see how Russia’s invasion of Ukraine is not only causing suffering and devastation there but also potentially creating a global economic crisis. The UN chief’s warning about the impact on developing countries is a wake-up call for immediate action to prevent further chaos.

  9. A perfect storm is threatening to devastate the economies of many developing countries, he said.
    He called for “quick and decisive action to ensure a steady flow of food and energy in open markets, by lifting trade restrictions and securing a further influx of humanitarian aid.”

  10. A perfect storm is threatening to devastate the economies of many developing countries, as the crisis in Ukraine continues to escalate. The UN chief’s call for quick and decisive action is crucial in ensuring stability in global markets.

  11. As the situation escalates in Ukraine, the impact on global economies is becoming more evident. The crisis is creating a dangerous ripple effect that could lead to dire consequences for developing nations around the world.

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