At the G-7 conference in Germany, financial leaders warned of the potential for a global economic slowdown, as the threats caused by Russia’s invasion of Ukraine continued to multiply.
pandemic, world economic leaders are now grappling with the threat of “stagflation” — slow, or negative, economic growth, coupled with rising inflation.
. Some economies within Europe even shrank: Italy’s, for example, contracted slightly in the first quarter of this year.The war poses a more serious economic threat to Europe than to the United States, particularly given the continent’s dependence on Russian energy, said Jason Furman, a former Obama administration economist.
Russia’s economy is doing even worse since the war began, though: The White House says it expects Russia’s gross domestic product to shrink by as much as 15 percent this year due to the sanctions imposed after the invasion, despite Moscow’s profits from rising energy prices. The global economy, particularly the United States, was projected to grow relatively quickly in 2022 before the war, creating a buffer that may help avert recession. “I think it’s conceivable there could be a soft landing,” Yellen said, referring to the potential of the Federal Reserve to cool inflation without causing a recession.The G-7 conference yielded limited action to head off these emerging threats to the global economy.
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