The Development of the World Economy and the Impact of the Global Food Crisis 2022-2023

Abstract

Purpose: The aim of to substantiate the theoretical and applied foundations for identifying the impact of the global food crisis of 2022-2023 on the development of the world economy. Design/methodology/ approach: The methodological basis of the study consists of fundamental methods of economic analysis and basic research, namely: synthesis, system analysis, comparison, analogy, graphical, tabular, generalization, systematization, grouping, k-means clustering, correlation, and regression analysis. Findings: As a result of the research, it was found that in 2022, the destabilizing impact of the global food crisis on the development of the world economy has increased. This led to a sharp rise in food prices, increased inflationary factors, and deepening poverty. Research, Practical & Social implications: A set of measures to counteract global and local destabilizing factors was proposed to overcome the crisis. Originality/value: The downward trends in the development of the world economy and its inability to effectively counter the challenges and dangers of our time have been revealed. HIGHLIGHTS m To substantiate the theoretical and applied foundations for identifying the impact of the global food crisis of 2022-2023 on the development of the world economy. The downward trends in the development of the world economy and its inability to effectively counter the challenges and dangers of our time have been revealed.