The war in Ukraine has triggered a costly humanitarian crisis that demands a peaceful resolution. At the same time, economic damage from the conflict will contribute to a significant slowdown in global growth in 2022 and add to inflation. Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest.
Global growth is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January.
Gladys Suggs
Blog Response 2
The war in Ukraine is traumatic, great devastation, and an emotional catastrophe for the people of their country. Russia’s invasion of Ukraine on 24 February 2022 has caused global turmoil and catalyzed a plethora of economic and sociopolitical events that have not been experienced for decades. Delardas, O., Kechagias, K. S., Katsikas Triantafyllidis, K., & Giannos, P. (2022). The resources exported and imported reflect the inflation of many items utilized in the United States.
Reference
Delardas, O., Kechagias, K. S., Katsikas Triantafyllidis, K., & Giannos, P. (2022).
Concerns about academic freedom caused by the Russia–Ukraine war. EMBO
Reports, 23(5), e55079-n/a. https://doi.org/10.15252/embr.202255079