Mapping the wartime economy

After two years of economic uncertainty because of the pandemic, Russia's invasion of Ukraine, and its associated sanctions, have unsettled our markets once again, lowering projected GDP growth rates and increasing global inflation rates in 2022 and, to a lesser extent, in 2023. On top of that,...

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Bibliographic Details
Published in:Accountancy Ireland 2022-04, Vol.54 (2), p.16-20
Main Author: Foley, Anthony
Format: Article
Language:English
Subjects:
Aircraft
Economic growth
Economic impact
Eurozone
Exports
Gases
GDP
Global economy
Gross Domestic Product
Growth rate
Inflation
Inflation rates
International trade
Prices
Sanctions
Social research
Sovereign debt
Supplies
Supply chains
War
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Summary:After two years of economic uncertainty because of the pandemic, Russia's invasion of Ukraine, and its associated sanctions, have unsettled our markets once again, lowering projected GDP growth rates and increasing global inflation rates in 2022 and, to a lesser extent, in 2023. On top of that, Russia is a major supplier of the palladium used in the catalytic converters for cars and the nickel used in batteries and steel, while Ukraine is among the world's foremost producers of sunflower oil and sugar beet. [...]the OECD, the National Institute of Economic and Social Research in the UK and the European Central Bank (ECB) have all recentl attempted to quantify the economic impact. In December 2021, the ECB forecast a GDP growth rate of 4.2 percent and 3.2 percent forthe Euro area in 2022.
ISSN:0001-4699