Global Food Price Inflation : Implications for South Asia, Policy Reactions, and Future Challenges

Ahmed, Sadiq

Washington, DC:World Bank

关键词: ADVERSE CONSEQUENCES;    ADVERSE EFFECT;    ADVERSE EFFECTS;    AGRICULTURAL PRODUCTIVITY;    AGRICULTURE;   

DOI  :  10.1596/1813-9450-4796
RP-ID  :  WPS4796

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The surge in global commodity prices ofthe past few years has presented a tremendous developmentchallenge for South Asian countries. The large loss ofincome from the terms of trade shock has worsenedmacroeconomic balances, fueled rapid inflation, and hurtgrowth. Although commodity prices have come down recently,the benefits are being clouded by the emergence of a severeglobal financial crisis. The adverse consequences of thefood price hike for the poor are large; the global financialcrisis could further worsen the situation due to fallingeconomic opportunities and government revenues. South Asiancountries need to accelerate reforms to avoid facing aserious downturn in economic activity, investment, exports,and income. Governments in South Asia have responded bystabilizing domestic food prices through a number ofshort-term measures, tightened monetary policy to reduceinflation, and increased spending on a range of safety netprograms for the poor. Some of the policies employed, suchas export bans, are not consistent with the long-termwelfare of the country or the region. Safety netinterventions need to be made consistent with a longer-termpoverty reduction strategy and fiscal sustainability. Mostimportantly, policy attention now needs to shift towardefforts to increase farm productivity, improve ruralinfrastructure, and lower the vulnerability of the poor.