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ABSTRACT
Purpose: The aim of to substantiate the theoretical and applied foundations for identifying the impact of the global food crisis of 2022-2023 on the development of the world economy. Design/methodology/ approach: The methodological basis of the study consists of fundamental methods of economic analysis and basic research, namely: synthesis, system analysis, comparison, analogy, graphical, tabular, generalization, systematization, grouping, k-means clustering, correlation, and regression analysis. Findings: As a result of the research, it was found that in 2022, the destabilizing impact of the global food crisis on the development of the world economy has increased. This led to a sharp rise in food prices, increased inflationary factors, and deepening poverty. Research, Practical & Social implications: A set of measures to counteract global and local destabilizing factors was proposed to overcome the crisis. Originality/value: The downward trends in the development of the world economy and its inability to effectively counter the challenges and dangers of our time have been revealed. HIGHLIGHTS © To substantiate the theoretical and applied foundations for identifying the impact of the global food crisis of 2022-2023 on the development of the world economy. The downward trends in the development of the world economy and its inability to effectively counter the challenges and dangers of our time have been revealed.
Keywords: Food security, globalization, world economy, economic development, food, the threat of famine, food crisis
At the present stage, the development of the world economy is influenced by significant destabilizing factors of global nature. Furthermore, it affects the trends in the development of each country's economy significantly. Additionally, there is an ongoing global integration of individual national economies into one single global economic system. This particular process transforms the mechanisms of interstate regulation of the world economy and combines the interests of highly developed countries with the interests of developing countries. Ensuring sustainable development of the entire global system and social balance requires balanced decisions of the entire world community, notably in the period of aggravation of socio-political and financialeconomic crises. Evidently, under the significant
How to cite this article: Priss, O., Pugachov, M., Pugachov, V., Yaremko, I. and Shchabelska, V. (2023). The Development of the World Economy and the Impact of the Global Food Crisis 2022-2023. Econ. Aff., 68(01s): 35-42.
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