What's at stake for the global economy as conflict looms in Ukraine

This means that an invasion could have a double effect: slow down economic activity and increase prices. In the United States, the Feder...


This means that an invasion could have a double effect: slow down economic activity and increase prices.

In the United States, the Federal Reserve is already facing the highest inflation in 40 years, at 7.5 percent in January and is expected to start raising interest rates next month. Conflict-induced energy price hikes in Europe may be transitory, but could fuel concerns about a wage-price spiral.

“We could see another surge in inflation,” said Christopher Miller, visiting scholar at the American Enterprise Institute and assistant professor at Tufts University.

Potential shortages of key metals like palladium, aluminum and nickel are also fueling inflation fears, creating further disruption to global supply chains already impacted by the pandemic. blockade of truckers in Canada and semiconductor shortages.

The price of palladium, for example, used in car exhaust systems, mobile phones and even dental fillings, has soared in recent weeks due to fears that Russia, the world’s largest exporter of the metal, could be cut off from markets. global. The price of nickel, used to make steel and electric car batteries, also jumped.

It is too early to measure the precise impact of armed conflict, said Lars Stenqvist, chief technology officer of Volvo, the Swedish truckmaker. But he added: “It’s a very, very serious thing.”

“We have a number of scenarios on the table and we are monitoring the day-to-day developments,” Stenqvist said on Monday..

The West has taken steps to mitigate the impact on Europe if Mr Putin decides to retaliate. The United States has accelerated the delivery of liquefied natural gas and asked other suppliers like Qatar Do the same thing.

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Newsrust - US Top News: What's at stake for the global economy as conflict looms in Ukraine
What's at stake for the global economy as conflict looms in Ukraine
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