Economic Impact of the Russia-Ukraine war on Europe and on the World
The International Monetary Fund (IMF) has published a new report on the Russia-Ukraine war, which talks about the impact of the conflict on the region and the world.
According to the IMF, the war will significantly affect not only the countries directly involved in the war but also the European region and the world. According to their forecasts, global economic growth is expected to decline shortly, as well as rising prices and inflation levels.
According to the IMF, rising prices are particularly expected for energy and food. It’s noteworthy, that up to 30% of the world’s total wheat exports come from Ukraine and Russia. Due to the war, the wheat harvest in these countries may be drastically reduced.
The International Monetary Fund (IMF) estimates that countries dependent on oil imports face fiscal and trade deficits.
Europe
According to the IMF, the imposition of an unprecedented number of sanctions on Russia will also hurt the economies of EU member states. Significant increases in food and energy prices are expected.
At the same time, the migrant crisis will place a significant burden on Eastern European countries. According to the latest data, more than 3 million people have left Ukraine and their number is growing daily.
