Global Economic Outlook: Impact of War in Ukraine

The global economy is expected to see slower growth and higher inflation amid the war in Ukraine and the imposition of economic sanctions on Russia. The main impact channels would be accelerated energy and commodity prices, disruptions in the global supply chains and reduced business and consumer confidence. Beyond global spillovers, the depth of the impact varies among economies, with the Eurozone likely to be most affected given its relatively high exposure to Russian energy supply.