One year after Russia invaded Ukraine on Feb. 24, 2022, the global economy is still enduring the consequences — crunched supplies of grain, fertilizer and energy along with more inflation and economic uncertainty in a world already contending with too much of both. And yet it could have been worse – companies and countries in the developed world have proved surprisingly resilient. But in emerging economies, the pain has been more intense. An Egyptian widow struggles to afford meat and eggs for her five children; Nigerian bakers shut their doors, unable to afford flour, and Indonesian street vendors struggle to keep customers slammed by higher prices. “I cannot raise the price as my customers need the normal price. I don’t have the heart to reduce the portion because lower class customers have a minimum salary so, the most important thing is just to keep the business running, without reducing the amount or increasing the price," Indonesian diner owner Masadah said. The International Monetary Fund dropped expectations for economic growth this year and in 2022 that equates to about $1 trillion in lost production.
One year after Russia invaded Ukraine, the global economy is still enduring the consequences — low supplies of grain, fertilizer and energy along with more inflation and economic uncertainty. But it could have been worse.
