The repercussions are also menacing the global economy, shaking financial markets and making life more perilous for everyone from Uzbek migrant workers to European consumers to hungry Yemeni families. Even before Putin’s troops invaded Ukraine, the global economy was straining under a range of burdens: Surging inflation. For the European continent, Russia's war has significantly heightened the likelihood of runaway inflation, another economic setback — or both. The Institute of International Finance foresees the Russian economy enduring a double-digit contraction this year, worse even than its 7.8% drop in the Great Recession year of 2009. RISING PRICESThe Ukraine war coincides with a high-risk moment for the Federal Reserve and other central banks.

Source: Libya Today March 03, 2022 04:03 UTC