Publication: Implications of the War in Ukraine for the Global Economy
Date
2022-03-31
ISSN
Published
2022-03-31
Author(s)
Guenette, Justin Damien
Kenworthy, Philip George
Wheeler, Collette Mari
Abstract
The war in Ukraine is causing an
enormous humanitarian crisis. More than 12 million people
are estimated to have been displaced and more than 13
million need urgent humanitarian assistance. Ukraine’s
economy is being devastated. Trauma suffered by the
population will have enduring consequences. The war is
triggering global ripple effects through multiple channels,
including commodity markets, trade, financial flows,
displaced people, and market confidence. In the surrounding
region, a large wave of refugees will put pressure on basic
services. The damage to Russia’s economy will weigh on
remittance flows to many neighboring countries. Disruptions
to regional supply chains and financial networks, as well as
heightened investor risk perceptions, will weaken regional growth
Citation
“Guenette, Justin Damien; Kenworthy, Philip George; Wheeler, Collette Mari. 2022. Implications of the War in Ukraine for the Global Economy. EFI Policy Note;3. © Washington, DC: World Bank. http://openknowledge.worldbank.org/handle/10986/37372 License: CC BY 3.0 IGO.”