Now in its second month, Russia’s invasion of neighboring Ukraine continues to impact global markets.
, businesses must prepare themselves for the war’s long-term implications. Although the countries involved in the war are not major global markets, Russia and Ukraine – as well as Russia’s ally Belarus – are critical sources of food and energy.
This is in part because European countries were still using Russian natural gas and existing food supply was grown and harvested prior to the invasion. However, supply shortfalls are still likely in the coming weeks and months. Although Ms. Harris argues it is too soon to know if this period of inflation will be persistent or if it is a more natural reaction to swings in supply and demand, consumer confidence is shaken. Some consumers are already cutting back on nonessentials and have grown more susceptible to price sensitivity.
Capital growth is also flattening as baby boomers retire, and cities have seen their growth slow as more consumers have embraced hybrid or work-from-home jobs.The world’s second-largest economy saw GDP growth of 8 percent in 2021, and is expected to drop to 5.1 percent in 2022. This comes as the country struggles with an energy crisis, new COVID-19 outbreaks and a prolonged downturn in the property sector amid Evergrande’s recent default .
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