Conflict raises risks for global economy

Washington, February 24

Russia’s attack on Ukraine and retaliatory sanctions from the West may not portend another global recession. The two countries together account for less than 2 per cent of the world’s gross domestic product. And many regional economies remain in solid shape, having rebounded swiftly from the pandemic recession.

Yet the conflict threatens to inflict severe economic damage on some countries and industries — damage that could mean hardships for millions of people. Russia is the world’s third-biggest producer of petroleum and is a major exporter of natural gas. Ukraine’s farms feed millions around the world. — AP