Global trade snarls to get even worse after Russia's Ukraine invasion
is likely to snarl global trade even further, while sending gas prices soaring and stock markets into correction territory, analysts say.showing Russian forces moving deeper into Ukraine.
This could also affect countries in the Middle East and Africa that also import Ukrainian wheat and corn. Ukraine is also China’s top supplier of corn. “Even though harvesting season is still a few months away, a prolonged conflict would create bread shortages [and increase consumer prices] this fall,” Alan Holland, the CEO of sourcing technology company Keelvar,“Rising food prices would only be exacerbated with additional price shocks, especially if core agricultural areas in Ukraine are seized by Russian loyalists,” said Per Hong, senior partner at consulting firm Kearney.
Russia is a major exporter of oil and natural gas, particularly to the European market. Americans who were already feeling the pinch at the pump will likely scale back spending on other goods.to past $7 a gallon in some states. “US growth this year should be supported by less drag from the pandemic and consumers dipping into the [more than] $2 trillion in savings they accumulated since the start of the pandemic,” Adams said.Economists are taking a keen interest as to what effect theThe Federal Reserve is expected to announce several interest rate hikes in a bid to cool down soaring inflation.via REUTERS
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