Some countries could face humanitarian disasters if Russia and Ukraine stop wheat exports, according to an OECD report on the economic impact of the war.

The assessment said a complete cessation would risk a “sharp increase in poverty and hunger”.

Russia and Ukraine account for 30% of all global wheat exports and in many countries in the Middle East, those two nations represent around three-quarters of total wheat imports, the OECD said.

Its assessment said that the two countries represent a “relatively small” 2% of global GDP

But it said their importance in exports of food items, minerals and energy meant that the conflict had already resulted in “sizeable economic and financial shocks” with prices of oil, gas and wheat soaring.

The OECD said that the sharp movements in financial markets and commodity prices seen since the start of the war could, if sustained, knock one percentage point off global economic growth and add 2.5 percentage points to inflation.

It added that a “complete cessation” of Ukraine and Russia’s wheat exports “would result in serious shortages in many emerging-market and developing economies”.

P&O Ferries suspends all sailings ahead of ‘major announcement’

Ocado puts up prices as costs soar and warns Ukraine war adding to inflation worries

Rail operator fined £23.5m for scandal over Southeastern franchise overpayments

“There would be an acute risk not only of economic crises in some countries but also humanitarian disasters, with a sharp increase in poverty and hunger.”

The countries’ gas supply is also an important impact into fertiliser production and disruption to this also risked putting coming years’ agricultural output under stress, the report said.

Related posts:

UK economy to face ‘enormous strains’ following lockdown, says Sunak Fears offshore oil and gas workers may lose jobs in transition to green energy Easyjet says fewer than half of summer trips sold as customers leave it late Asda targets Fat Face chief Evans as boss of fashion brand George Greenpeace loses legal battle to revoke BP permit for oil field in North Sea Google to ban ads and demonetise YouTube videos promoting climate change denial Bank of England warns over threat of sharp market fall, amid economic jitters SoftBank boss confident big bets can pay off again despite several ‘golden eggs’ dying Campaign to stop LV= takeover by Bain gathers pace ahead of vote deadline Insurance unicorn Marshmallow faces further legal battle over IP ‘misuse’ The Wolseley owner fires new salvoes in battle for control of top restaurants Investor loses shirt on TM Lewin as brand faces collapse