IMF says Russia’s invasion of Ukraine may ‘fundamentally alter’ the global economic order.
The war in Ukraine is hurting the economies of Russia and its neighbour, with both countries expected to experience sharp recessions this year.
But the economic consequences of the fighting will not only be felt by the parties to the conflict. Sanctions imposed on Russia and the soaring price of energy supplies could also inflict pain on other nations.
The International Monetary Fund (IMF) says the war could have a severe effect on the global economy. It expects to cut its growth forecast globally.
Meanwhile, as Russia turns to China’s yuan to survive sanctions, could other countries shift away from the US dollar? Is the greenback in danger?