Think20 (T20) is a G20 engagement group that connects and collaborates with think tanks around the world to provide ideas and recommendations to G20 leaders. This blog pulls from one of the briefs published by the T20 task force on Sustainable Energy, Food, and Water Systems, one of ten T20 task forces for this year’s Saudi Arabia G20 Presidency. Second in a series.
Think20 (T20) is a G20 engagement group that connects and collaborates with think tanks around the world to provide ideas and recommendations to G20 leaders. This post summarizes the first in a series of seven briefs by the T20 task force on Sustainable Energy, Food, and Water Systems, one of ten T20 task forces for this year’s Saudi Arabia G20 Presidency. First in a series.
The COVID-19 pandemic has hit the global economy hard, and in many places other factors—such as the locust invasion in East Africa and falling export commodity prices—are compounding its effects. FAO Chief Economist Maximo Torero observes that no modern economy has experienced anything like the combination of the Great Lockdown and the worst recession since the Great Depression, and that these could trigger a global food crisis—with Africa south of the Sahara especially vulnerable. He lays out a series of policy prescriptions that can help keep millions from starvation and fortify food systems for a post-pandemic world.—Johan Swinnen, series co-editor and IFPRI Director General.
Futures prices for most staple food commodities have fallen since February because of market supply chain disruptions associated with the spread of the COVID-19 virus and lower oil prices, among other factors. However, overall, price variability in the major agricultural commodity markets has remained relatively calm in the face of COVID-19-related shutdowns. Until recently, the exceptions to this relative calm have included hard wheat and coffee. Hard wheat saw moderate and high levels of price variability from April 9 to June 15. This appeared to be related to tightening of wheat markets with lower stock-to-utility ratios, measures taken by two major wheat-producing countries (Kazakhstan and Russia) to limit exports, and reports of prospects of less favorable growing conditions in parts of Ukraine and other parts of Europe. Price variability in coffee was driven by low stock levels and supply disruptions, but these conditions calmed in the second half of May.
With COVID-19 now spreading in India, massive consequences to health and livelihoods are feared, and the government has imposed a 21-day national lockdown to limit virus transmission. Given the precarious livelihoods of many Indians, agriculture, food security, and safety net policy and program responses are also urgently required. Prof. Mahendra Dev, an experienced academic and policy maker in India, provides additional insights into what actions and reforms are needed, and soon.—John McDermott, series co-editor and Director, CGIAR Research Program on Agriculture for Nutrition and Health (A4NH).