What are the economic consequences of Russia’s invasion of
Ukraine and the responses of the international community? The IGM forum at Chicago Booth invited its
panel of leading European and US economists to express their views. An overwhelming majority of the experts think
that the economic sanctions that have been implemented will lead Russia to a
deep recession and nearly four in five consider that the fallout of the
invasion will both reduce global growth and raise global inflation over the
next year. A slightly smaller majority
agree that a total ban on oil and gas imports from Russia carries a high risk
of recession in European economies although several suggest the likely impact
of an energy embargo is a price well paying.
Finally asked about the potential effects of the weapons of dollar
finance on its role as a dominant world currency, reactions were mixed.
Others who agree, point to the likely lower growth and higher inflation like Christopher Pessalides at the London School of Economics explains: “The effect will be through other resources. Supplies will reduce and production costs will rise.”
The press internationally describes the economic crisis.
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