NextGen Day

The International Monetary Fund (IMF) said in a report released on Friday that Russia’s war on Ukraine will have significant economic effects on Europe, coming at a time when Europe’s economic recovery from the coronavirus outbreak is still incomplete.

“Large increases in commodity prices and compounding supply-side disruptions will further fuel inflation and slash household incomes and profits,” the “Regional Economic Outlook for Europe” report concluded.

“In many nations, inflation is expected to reach multi-decade highs. In addition, intensifying conflict and disruptions to essential energy flows pose new dangers “It was also added.

According to the IMF, the primary issues facing European policymakers are caring for refugees, assisting vulnerable households and businesses in coping with rising energy spending, and improving energy security.

“The war and its aftermath will exacerbate the structural issues that Europe will face in the aftermath of the epidemic. In Ukraine, the war-damaged social and economic infrastructure would need to be reconstructed, which will necessitate massive donor funding .” “It was also added.

The European Union, the United States, and the United Kingdom, among others, have imposed strong financial penalties on Moscow as a result of the Russia-Ukraine conflict, which began on February 24.

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