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Ukraine war takes toll on East Asian economies

IN today’s hyper-connected world, with its interlinked economies, migrant diasporas and 24-hour news channels, it’s no surprise that the effects of the Ukraine war are being felt across the globe. The war has upended a fragile economic recovery post-pandemic, not only triggering a devastating humanitarian crisis but also increasing food and commodity prices and exacerbating inflationary pressures worldwide.

A new forecast released this week by the United Nations Economic and Social Affairs Department shows how far global prospects have declined. According to the World Economic Situation and Prospects as of mid-2022, the global economy is now projected to grow by only 3.1% in 2022, down from the 4.0% growth forecast released in January. Global inflation is projected to increase to 6.7% in 2022, more than twice the average of 2.9% during 2010-2020, with sharp rises in food and energy prices.

Overall, the…

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