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Across the world, restaurants' daily traffic dropped precipitously compared to the same period in 2019. [1] Closures of restaurants caused a ripple effect among related industries such as food production, liquor, wine, and beer production, food and beverage shipping, fishing, and farming.
As the world economy has struggled to regain its footing amidst the events of the past few years, Chinese exports have skyrocketed in the global market, rapidly increasing production to cover the quickly-rising global demand. In just one year, China's trade surplus with the US alone rose to $335.5 billion in 2021, up from $308.1 billion in 2020.
6428W Digital Art / ShutterstockThe restaurant business is a notoriously difficult one. Amid inflationary challenges and shifting consumer preferences, many restaurants have struggled to stay afloat.
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The changes in the food market caused by the invasion of Ukraine further exacerbated existing drought problems in the already vulnerable Horn of Africa. [38] In February, the World Food Programme (WFP) and UNICEF had already projected nutrition and hunger gaps for thirteen million people in East Africa. [ 39 ]
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On 6 March, Russia rejected the demand, marking the end of the partnership, with oil prices falling 10% after the announcement. [5] [6] On 8 March, Saudi Arabia initiated an oil price war with Russia, triggering a major fall in the price of oil around 30%. [7] The price war is one of the major causes of the currently ongoing global stock market ...
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