Heads of international financial institutions warn ‘entire global economy will feel the effects’ of Russia’s invasion of Ukraine
"Higher prices for commodities like food and energy will push inflation up further. Countries, particularly those neighboring Ukraine will suffer disruptions in trade, supply chains and remittances as well as surges in refugee flows. Reduced confidence and higher investor uncertainty will impact asset prices, tighten financial conditions, and could even generate capital outflows from emerging markets," they said.
Simon Ateba is Chief White House Correspondent for Today News Africa. Simon covers President Joe Biden, Vice President Kamala Harris, the U.S. government, the United Nations, the International Monetary Fund, the World Bank and other financial and international institutions in Washington D.C. and New York City.
In a joint statement on Thursday, the heads of International Financial Institutions said they are “horrified and deeply concerned about the Russian invasion of Ukraine and the ensuing crisis.”
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