In parallel with rising prices, hunger and malnutrition are also increasing, especially among young children. Inflation is rising, purchasing power is eroding, growth prospects are diminishing and development has stagnated and, in some cases, is even going backwards. Debt is suffocating many developing economies, and bond yields have been rising since last September, leading to rising risk premiums and pressures on exchange rates. All of this is leading to a possible vicious circle of inflation and stagnation. The report also shows that there is a direct correlation between the increase in food prices and social and political instability. Our world cannot afford that luxury. We have to act now. And that brings us to the second point that the report makes clear: we can do something about this three-dimensional crisis.

It is in our hands to soften the blow

The report includes more than a dozen recommendations, but I would condense its message into three fundamental points. First of all, we must not make things worse. That means ensuring a constant supply of food and energy through free markets. It Estonia WhatsApp Number List means lifting all unnecessary restrictions on exports. This is not the time for protectionism. It means directing surpluses and reserves to those who need them. And it means maintaining control of food prices and calming the volatility of food markets. Second, we can seize this moment to drive the transformative change the world so desperately needs.

The energy crisis serves as an example of this

In the very short term, countries must resist the temptation to indulge in hoarding and release strategic and additional reserves. But the time has also come to turn this crisis into an opportunity. We must work to phase out coal and other fossil fuels, and accelerate the deployment of renewable energy and a just transition. And thirdly, we have to come to the aid of developing countries that are on the brink of the financial abyss. The international financial Taiwan Phone Number List system has more than enough funds. I have been advocating strongly for reform of that system for some time. But developing countries need help now, and the funds are there. We need to make them available  governments can avoid defaults, provide social safety nets for the poorest and most vulnerable, and continue making critical investments in sustainable development. This is not a crisis that can be resolved piecemeal, country by country.