( CNN ) -- The global economic crisis has caused a spike in world hunger that has left more than a billion undernourished , United Nations agencies said in a new report . The report says the stabilization of financial markets has meant less investment in agriculture , food distribution . `` It is unacceptable in the 21st century that almost one in six of the world 's population is now going hungry , '' said Josette Sheeran , executive director of the World Food Programme . `` At a time when there are more hungry people in the world than ever before , there is less food aid than we have seen in living memory . '' The report by the WFP and the Food and Agriculture Organization was released Wednesday , ahead of World Food Day on Friday . Nearly all the world 's undernourished live in developing countries , according to the report . An estimated 642 million people are suffering from chronic hunger in Asia and the Pacific . An additional 265 million live in sub-Saharan Africa while 95 million come from Latin America , the Caribbean , the Near East and North Africa . The final 15 million live in developed nations . Should developed economies be doing more to eradicate hunger , poverty ? The number of hungry spiked as the global economic crisis took hold and governments pumped resources into stabilizing financial markets . The move meant smaller investments in agriculture and food distribution . `` World leaders have reacted forcefully to the financial and economic crisis , and succeeded in mobilizing billions of dollars in a short time period . The same strong action is needed now to combat hunger and poverty , '' said Jacques Diouf , director-general of the FAO . `` The rising number of hungry people is intolerable . '' The report calls for greater investment in agriculture to tackle long and short-term hunger by making farmers productive and more resilient to crises . `` We know what is needed to meet urgent hunger needs -- we just need the resources and the international commitment to do the job , '' Sheeran said .
World Food Programme : One in five of world 's population is now going hungry . Nearly all the world 's undernourished live in developing countries . Number of hungry spiked as the global economic crisis took hold , report says . Calls for greater investment in agriculture to tackle long and short - term hunger .