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A 12 months of battle in Ukraine has already made a dent in world prosperity. However its deeper affect might be felt in how the battle performs into shifts that have been already reshaping the worldwide economic system earlier than Russia’s tanks rolled into its neighbor’s territory.
Most instantly, the battle added new uncertainties to the financial trauma of a COVID-19 pandemic that had already led to report rises in public debt, inflation-fueled cost-of-living crises, and labor shortages in important sectors.
Financial sanctions on Moscow got here as hurdles to world commerce have been mounting after an period of speedy globalization. Russia’s weaponization of its gasoline and oil exports bolstered the case for an vitality transition already made pressing by local weather change.
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