The Russia-Ukraine war, which has entered its second month, will impact the EU’s economy as well as lower the global economic growth in 2022. The United Nations Conference on Trade and Development (UNCTAD) recently downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to the war and changes in macroeconomic policies.
Deloitte said in a recent report that the war is not likely to derail post-pandemic US economic recovery but will push up inflation in the short run. Europe’s heavy dependence on Russian natural gas suggests that the EU’s economy will experience slower growth—or, in the extreme case, a recession. The crisis is likely to make things more difficult for US exporters.
Inflation and related problems, such as tangled supply chains, may continue to challenge business leaders and policymakers, but the US economy is performing well by most measures, Deloitte said in a note.
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