A year of war in Ukraine has already made a dent in world prosperity. But its deeper impact will be felt in how the conflict plays into shifts that were already reshaping the global economy before Russia¡¯s tanks rolled into its neighbor¡¯s territory.
Most immediately, the war added new uncertainties to the economic trauma of a COVID-19 pandemic that had already led to record rises in public debt, inflation-fueled cost-of-living crises, and labor shortages in essential sectors.
Economic sanctions on Moscow came as hurdles to world trade were mounting after an era of rapid globalization. Russia¡¯s weaponization of its gas and oil exports bolstered the case for an energy transition already made urgent by climate change.
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