"The economic effects of the war are spreading far and wide - like seismic waves that emanate from the epicenter of an earthquake"
IMF World Economic Outlook April 2022
Since late February when Putin's forces extended their invasion of Ukraine, the outlook for the world economy has greatly worsened.
Although Russia's GDP represents only 3% of the world economy, warfare and sanctions have pushed up the prices of energy and commodities. Food costs have also increased markedly, with wheat, in which Ukraine and Russia account for 30% of global exports, under acute pressure. Broader inflationary pressures, already present through pandemic supply-chain shortages, have greatly increased, while financial sanctions, and the withdrawal of foreign investment from Russia, are not without costs to the wider world.
What do the sanctions and ongoing warfare mean for global commodity prices, inflation, and economic growth? How can we mitigate the negative impact on global economies and aid economic recovery? And what are potential future scenarios for the world economic system?
This latest Queen Mary Global Policy Institute Seminar brought together a panel of eminent speakers from diverse backgrounds and addressed the implications of sanctions for the wider global economy, considering their benefits and wider costs.
