Economic and Social Impacts and Policy Implications of the War in Ukraine
The war Russia is waging in Ukraine is a humanitarian disaster. Beyond this, the economic damage is already being felt worldwide and risks becoming increasingly severe and long-lasting.
Russia’s invasion of Ukraine on 24 February has thrown the growth recovery from the COVID 19 pandemic into doubt and has sewn catastrophe across the region, destroying lives, homes and infrastructure. The ramifications are being felt worldwide.
Support needed for refugees
Already more than 3 million people have fled Ukraine with more waves of refugees expected in the weeks ahead. So far, refugees have primarily gone to a small number of neighbouring countries. Burden sharing and EU support to the major host countries will be needed for support to be delivered more effectively and sustainably.
Weaker economic growth, higher inflation
Amid the uncertainty, the OECD estimates global economic growth could be more than 1 percentage point lower this year than was projected before the conflict, while inflation, already high at the start of the year, could be higher than it would have been if war had not broken out by at least a further 2.5 percentage points on aggregate across countries.
The chart shows the potential impact on GDP and inflation.
More related articles...
Houthi involvement in the Israel–Hamas war
Contents During the 2023 Israel–Hamas war, the Houthi movement in Yemen, aligned with Hamas, launched attacks targeting Israel. They employed missiles and unmanned aerial vehicles (UAVs), some of which were intercepted
U.S. warns Houthis to stop attacks in Red Sea
The Biden administration has sent messages to the Houthi rebels in Yemen via several channels recently warning them to stop their attacks on ships in the Red
Research Department Staff Forecast, October 2023
This document presents the macroeconomic staff forecast formulated by the Bank of Israel Research Department in October 2023 concerning the main macroeconomic variables—GDP, inflation, and
About Country Risk Assessment
For each insurance application received in ASHRA, we perform a risk assessment of the non-payment in the associated transaction. This risk assessment is based on
Introduction to the Israeli Import Reform
The Import Reform The import reform focuses on changing the methods of regulating imports into Israel, moving to declaration-based tracks instead of inspections, for a
Challenges and opportunities in trade
Tambien disponible en español | Egalement disponible en français The tensions we are now seeing in the international trading system have been building over decades. Many people
