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What’s at Stake for the Global Economy as Conflict Looms in Ukraine
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What’s at Stake for the Global Economy as Conflict Looms in Ukraine

Countries that depend on the region’s rich supply of energy, wheat, nickel and other staples could feel the pain of price spikes.

Patricia Cohen and Jack Ewing
The New York Times, 2022
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COVID-19 disrupted supply chains around the world and drove prices up. But the Russian invasion of Ukraine, and the consequent sanctions imposed by the United States and others, will inevitably push gasoline prices up, increase inflation worries, make investors uneasy and compromise recovering economic growth all over the world. Journalists Patricia Cohen and Jack Ewing assess the likely economic impacts of the conflict between Russia and Ukraine.

Summary

A Russian incursion into Ukraine will have economic consequences for the entire world.

The coronavirus pandemic affected global supply chains and caused prices to rise around the world. The Russian incursion into Ukraine, and the resulting sanctions against Russia, will push up energy prices.

The global economic impact of a military conflict over territory in Ukraine probably won’t have the far-reaching effects the pandemic had in 2020. Even so, Russia, population 146 million, is not only a nuclear power but also a major supplier of oil, gas and other resources crucial for factories around the world.

Europe gets much of its natural gas and oil from...

About the Authors

Patricia Cohen and Jack Ewing are economics and business journalists at The New York Times.

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