Allianz Research

Allianz Global Wealth Report 2024:
Surprising relief

Eleven countries at high risk of a food crisis

The war in Ukraine has affected food availability as the country supplied 12% of the world’s grains. While there is still enough to feed the planet, ensuring access is key to avoid a global food crisis, especially as shortages of grain and fertilizer, alongside climate change and lingering pandemic-driven supply-chain issues, have pushed up global food prices by +56% compared to end-2019. 

Can the European consumer hold on?

Consumers were meant to drive the post-Covid-19 recovery in 2022, but elevated geopolitical uncertainty and sky-high inflation have derailed these expectations. Following Russia’s invasion of Ukraine, consumer surveys suggest that Eurozone households are as pessimistic – or even more – as they were during the height of the pandemic. 

ECB: Hike while you can!

At tomorrow’s policy meeting, the ECB will sound the starting gun for its first rate-hiking cycle since the Global Financial Crisis. We expect the ECB to announce the end of net asset purchases and to pre-commit to a 25bps rate hike in July – the first one in 11 years.