On Earth Day: Continuing Hunger in Asia
On Earth Day 2010, Asia has much to be thankful for. While the recent global financial crisis hit Asia hard, most of Asia’s governments acted swiftly and decisively and succeeded, against prevailing expectations, to limit the impact of the financial debacle. They had learned the hard way from the 1997 Asian financial crisis.
Intertwined with the global financial crisis was the food price crisis of 2007-2009: long-term global trends in population growth, rising incomes, competing non-food use of crops, falling investments in agricultural productivity, and lower food stocks were jarred by sudden supply shocks in key producing countries. The panicky procurement and knee-jerk trade bans hurriedly implemented by several governments, particularly India and the Philippines, sparked a food price spiral – that spiraled out of control.
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