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April 25, 2020

World Bank warns against food insecurity due to COVID-19

Washington: The World Bank has warned against food insecurity in the world due to COVID-19 pandemic and the kind of government policies adopted during this period.

The world bank also informed that although the world business activity will be thwarted due to Shutdown and COVID-19 pandemic, yet the food prices will remain static. However there may be slight decline in the agricultural productions.

Kenya and Tanjania the main hub for supply of flowers to Europe are shutdown due to COVID-19 and northern African countries that supply vegetables are adversely affected by Coronavirus epidemic said the report released by World Bank.

The World Bank report also mentions that how Russia and Vietnam have curtailed supply of wheat and rice respectively while Philippines has also restricted export of excessive rice due to obstruction of economic activity around the globe.

The oil price in 2020 is estimated to remain at 35 dollar per barrel as fuel price decline by 40% in this year. The average oil price per barrel was fixed at 61 dollar in 2019.

The report also unveils sharp fall in the production of goods due to lack of supply of raw material in the absence of transport system due to shutdown situation in the world.

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