SINGAPORE - The world's food problem is already severe as prices jump and protectionism flares but there's a good chance governments can stop it from getting way worse if they heed a lesson from the crisis in 2008: don't panic.a spate of nations have moved to curb exports
If nations do not panic or start hoarding, they can stop the current crisis from becoming a rerun of the one in 2008, when rice prices soared to put the region's food security at serious risk, according to Peter Timmer, Professor Emeritus at Harvard University, who's studied food security for decades.
The 2008 crisis provides critical lessons as it underscores how government-imposed trade shocks can supercharge commodity prices. Rice's surge back then was mainly because of bans on exports by major producers, notably India and Vietnam, due to domestic shortages and rising prices. That sparked panic buying in other countries, especially the Philippines, creating a ripple effect.
While there are concerns rice could be next in line, given that it's absolutely critical to food security and political stability in Asia, there are also differences from 2008. Timmer said countries have both diversified their eating habits and built up huge buffer stockpiles in a bid to prevent price shocks. In fact, rice is in such abundance, it could help ease the pressure on wheat, which hit a record in March.
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