The War in Ukraine Hurts an Already Struggling World Economy: Two-Year World Outlook May 2022

The Conference Board of Canada, 22 pages, May 6, 2022
Impact Paper
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This quarterly examination of the short-term economic outlook for the world's major economies also contains an in-depth analysis of a number of issues that are relevant for understanding world economic trends and developments.

Document Highlights

  • The world economy will expand by 3.5 per cent this year – down from the 4 per cent gain anticipated before the beginning of the war in Ukraine.
  • Oil, natural gas, and other commodities are the main links between the war and the world economy.
  • Most countries were struggling with inflation prior to the war, and the sanctions placed on Russia will add even more to the upward trend in consumer prices.
  • The United States economy has little exposure to the Russian and Ukrainian economies. However, a lengthy conflict could hurt consumer and business confidence.
  • China’s leaders appear to be pulling back on some of the initiatives designed to exert greater government control over the private sector.
  • Although hurt by the sanctions implemented by the Western world, Russia’s economy is likely earning enough revenue from energy exports to keep its war machine going.

Table of Contents

Key Findings
Latin America
Appendix A: Methodology

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