Warning of far-reaching economic impact from Russia-Ukraine tensions

In a joint statement, the above organizations said: “Background economy The global economy will see the effects of this crisis through slowing growth, disrupted trade and soaring inflation, hitting the poorest and most vulnerable people hard.”

These financial institutions also warn that the impact of this crisis will be far-reaching, from reducing food and energy supplies, to increasing prices and poverty, etc., thereby hindering momentum recovery of the world economy from the COVID-19 pandemic.

Notably, Ukraine’s neighbors will be hit hard by disruptions in trade, supply chains and remittances, as well as the influx of refugees.

In addition, investment instability will also reduce asset prices, tighten financial conditions and possibly cause capital outflows from emerging markets.

Over the weekend, the Organization for Economic Co-operation and Development (OECD) lowered global GDP this year to 3.5% from 4.5% previously, and global inflation will reach 7.5%. ,5%.

In particular, the euro area will be hit hard by the economic downturn from the conflict, with growth 1.4 percentage points lower than expected, just under 3%. .

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