12/03/2022
WorldBank Chief David Malpass has said that the war in Ukraine is a 'economic catastrophe' for the world at a time when inflation is already rising and this will surely cut global economic growth. He added that the economic impact of the war will result in the rise in prices of oil and gas, which will hit the poor the most.
The grim forecast comes at a time when oil prices are at its highest in more than seven years. The Brent crude is already hovering above the USD 112 a barrel mark. Countries, which are part of the European Union (EU), are expected to be hit badly. However, India will also not be spared from the effects of the war.
Supply disruptions have hit global prices of wheat, soybean, fertiliser and metals like copper, steel and aluminum - raising worries about prices and economic recovery.
