On the 24th February 2022, Russia launched a major invasion of Ukraine, in a major escalation of the Russo-Ukrainian War that began in 2014. The world responded with a wave of massive sanctions on individuals, commercial banks and the central bank. These sanctions, coupled with reduced trade between Russia and the west, won’t just negatively impact the Russian economy, they’ll have profound effects on economies around the world through negative spillovers. The outcome of this will mean higher commodity prices, weaker confidence, lower real incomes and significantly reduced global economic growth.
Key learning objectives:
Outline the impact of the war on the global economy
Outline the impact of the war on UK household incomes.
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