A Year Later, War in Ukraine Still Affects World Economy
2023-02-21
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1One year after Russia invaded Ukraine, the worldwide economy is still feeling the effects.
2There are fewer supplies of grain, fertilizer and energy.
3There is also higher inflation and more economic uncertainty.
4But as bad as the war's impact has been, it could have been worse.
5Companies and countries in the developed world have been able to survive the difficulties.
6In developing economies, however, the pain has been worse.
7In the United States and other wealthy countries, there has been a rise in consumer prices, caused in part by the war's effect on oil prices.
8But the price increase has eased.
9It has raised hopes that the U.S. Federal Reserve will not raise interest rates in the world's largest economy.
10Higher interest rates could lead to a recession.
11China also dropped its severe zero-COVID restrictions late last year.
12The restrictions had slowed growth in the second-largest economy.
13Some good luck has helped, too.
14A warm winter has helped lower natural gas prices and limit the damage from an energy crisis, after Russia largely cut off gas to Europe.
15But in ways big and small, the war is causing pain.
16In Europe, for example, natural gas prices are still three times higher than they were before Russia began its invasion.
17High food prices are especially difficult for the poor.
18The war has affected wheat, barley and cooking oil exports from Ukraine and Russia.
19The two countries are major suppliers for Africa, the Middle East and parts of Asia where many struggle with hunger. Russia was also the top supplier of fertilizer.
20In Nigeria, a top importer of Russian wheat, average food prices increased 37 percent last year.
21Bread prices have doubled in some places because of wheat shortages.
22"People have huge decisions to make," said Alexander Verhes.
23He runs Life Flour Mill Limited in Nigeria's southern Delta state.
24He added, "What food do they buy? Do they spend it on food? Schooling? Medication?"
25At least 40 percent of bread bakeries in the Nigerian capital of Abuja shut down after the price of flour jumped about 200 percent.
26In Spain, the government is spending 300 million euros to help farmers buy fertilizer.
27The price of fertilizer has doubled since Russia's war in Ukraine.
28"Fertilizer is vital because the land needs food,'' said Jose Sanchez.
29He is a farmer in the village of Anchuelo, east of Madrid.
30It all means a slowing world economy.
31The International Monetary Fund (IMF) dropped growth expectations this year.
32The IMF says prices increased 7.3 percent in the wealthiest countries last year.
33That was above its January 2022 prediction of 3.9 percent.
34Prices increased 9.9 percent in poorer countries, up from 5.9 percent expected pre-invasion.
35In Indonesia's capital, Jakarta, many street food sellers know they cannot make people pay more money.
36So some are giving smaller portions instead, in a practice known as "shrinkflation.''
37"One kilogram of rice was for eight portions ... but now we made it 10 portions," said Mukroni who runs a food stand.
38People, he said, "will not come to the shop" if prices are too high.
39"We hope for peace," he said, "because, after all, no one will win or lose, because everyone will be a victim.''
40I'm Dan Novak.
1One year after Russia invaded Ukraine, the worldwide economy is still feeling the effects. 2There are fewer supplies of grain, fertilizer and energy. There is also higher inflation and more economic uncertainty. 3But as bad as the war's impact has been, it could have been worse. Companies and countries in the developed world have been able to survive the difficulties. In developing economies, however, the pain has been worse. 4In the United States and other wealthy countries, there has been a rise in consumer prices, caused in part by the war's effect on oil prices. But the price increase has eased. It has raised hopes that the U.S. Federal Reserve will not raise interest rates in the world's largest economy. Higher interest rates could lead to a recession. 5China also dropped its severe zero-COVID restrictions late last year. The restrictions had slowed growth in the second-largest economy. 6Some good luck has helped, too. A warm winter has helped lower natural gas prices and limit the damage from an energy crisis, after Russia largely cut off gas to Europe. 7But in ways big and small, the war is causing pain. In Europe, for example, natural gas prices are still three times higher than they were before Russia began its invasion. 8High food prices are especially difficult for the poor. The war has affected wheat, barley and cooking oil exports from Ukraine and Russia. The two countries are major suppliers for Africa, the Middle East and parts of Asia where many struggle with hunger. Russia was also the top supplier of fertilizer. 9In Nigeria, a top importer of Russian wheat, average food prices increased 37 percent last year. Bread prices have doubled in some places because of wheat shortages. 10"People have huge decisions to make," said Alexander Verhes. He runs Life Flour Mill Limited in Nigeria's southern Delta state. He added, "What food do they buy? Do they spend it on food? Schooling? Medication?" 11At least 40 percent of bread bakeries in the Nigerian capital of Abuja shut down after the price of flour jumped about 200 percent. 12In Spain, the government is spending 300 million euros to help farmers buy fertilizer. The price of fertilizer has doubled since Russia's war in Ukraine. 13"Fertilizer is vital because the land needs food,'' said Jose Sanchez. He is a farmer in the village of Anchuelo, east of Madrid. 14It all means a slowing world economy. The International Monetary Fund (IMF) dropped growth expectations this year. 15The IMF says prices increased 7.3 percent in the wealthiest countries last year. That was above its January 2022 prediction of 3.9 percent. Prices increased 9.9 percent in poorer countries, up from 5.9 percent expected pre-invasion. 16In Indonesia's capital, Jakarta, many street food sellers know they cannot make people pay more money. So some are giving smaller portions instead, in a practice known as "shrinkflation.'' 17"One kilogram of rice was for eight portions ... but now we made it 10 portions," said Mukroni who runs a food stand. People, he said, "will not come to the shop" if prices are too high. 18"We hope for peace," he said, "because, after all, no one will win or lose, because everyone will be a victim.'' 19I'm Dan Novak. 20Dan Novak adapted this story for VOA Learning English based on reporting by The Associated Press. 21_____________________________________________________________________ 22Words in This Story 23fertilizer - n. a substance that is added to soil to help the growth of plants 24consumer - n. a person who buys goods and services 25interest - n. the money paid by a borrower for the use of borrowed money 26bakery - n. a place where bread, cakes, cookies, and other baked foods are made or sold 27vital - adj. extremely important 28portion - n. the amount of food that is served to a person at one time