Economists have detailed the toll Russia’s invasion of Ukraine has taken on the global economy and unveiled a grim prediction that the war is likely to continue into 2023.
The EIU's has forecast that the price of commodities will continue to remain sky high as long as the Ukraine Russia war rages on, while higher commodity prices are expected to fuel global inflation, which is set to spike to a 26-year-high this year of 7.7 per cent.
Economists warn oil prices will stay above US$100/barrel as long as the Ukraine Russia war continues. Picture: Getty Images “Owing to setbacks on the battlefield and stiff Ukrainian resistance, Russia has now toned down its goals,” the report said. Global sanctions and the destruction of major Ukrainian infrastructure such as ports are expected to compound existing pressures on supply chains.
EIU economists predict sanctions will remain in place for the entire forecast period until 2026. Picture: Getty Images
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