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...
Services trade liberalised in 2021, showing significant decrease in volume and effects of new measures, OECD says
OECD Services Trade Restrictiveness Index (STRI): Policy trends up to 2022 shows that liberalisation outpaced new restrictions during the past year, as the erection of new barriers to
Ashdod Port completed a significant phase in the 500 million shekel project to upgrade Platform 21
Ashdod Port is presently completing one of its more complex operational projects after extensive renovations on the western side of Platform 21.
How trade works today
When we think about international trade, we traditionally think about a person or company producing all elements of a product in their home country and
The Israeli Economy An Overview
This is Israel Territory22,072 km² (ranked 154th) Official LanguageHebrew (Arabic as a recognized language with a special status) CurrencyIsraeli Shekel (1USD- 3.47 ILS*) CapitalJerusalem Geography Located
The global recovery is strong but imbalanced
Output in most OECD countries has now surpassed its late-2019 level and is converging on its pre-pandemic path but lower-income economies, particularly those where vaccination
Israel Economic Snapshot
Economic Forecast Summary (December 2021) Economic activity rebounded strongly in 2021 and GDP is projected to grow robustly by 6.3% in 2021, 4.9% in 2022 and 4% in 2023.
