Six months after Russia invaded Ukraine, the consequences are posing a devastating threat to the global economy.
MECKENHEIM, Germany - Martin Kopf needs natural gas to run his family's company, Zinkpower GmbH, which rustproofs steel components in western Germany.
Governments, businesses and families worldwide are feeling the war's economic effects just two years after the coronavirus pandemic ravaged global trade. Inflation is soaring, and rocketing energy costs have raised the prospect of a cold, dark winter. Europe stands at the brink of recession.Ukraine “The world may soon be teetering on the edge of a global recession, only two years after the last one,” Pierre-Olivier Gourinchas, the IMF's chief economist, said.
“I don't know how long I can keep my lunch price affordable,” she said. “Coming out from COVID lockdowns and having to face this is tough. Worse is, I don't see the end of it.”, the global economy was under pressure. Inflation had skyrocketed as a stronger-than-expected recovery from the pandemic recession overwhelmed factories, ports and freight yards, causing delays, shortages and higher prices.
Syahrul Yasin Limpo, Indonesia's agriculture minister, warned this month that the price of instant noodles, a staple in the Southeast Asian nation, might triple because of inflated wheat prices. In neighboring Malaysia, vegetable farmer Jimmy Tan laments that fertilizer prices are up 50%. He's also paying more for supplies like plastic sheets, bags and hoses., Kamran Arif has taken a second, part-time job to supplement his wages.
The resulting increase in loan rates is punishing FlooringStores, a New York company that helps customers find flooring material and contractors. Sales are down because fewer homeowners are borrowing to pay for home improvements.
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