Despite the world’s hopes, the Russia-Ukraine conflict has only intensified after the first ceasefire talks with the largest Ukraine cities suffering from heavy bombardment. The World Bank met Russia’s actions with a tough response halting all its programs in Russia and Belarus.
It’s obvious now that the biggest consequences are yet to come. According to the UK's National Institute for Economic and Social Research estimation, the Ukraine crisis could result in 1% reduction of the global gross domestic product level by 2023 and 3% global inflation increase in the near future. The governor of the Bank of Portugal and European Central Bank Governing Council member Mario Centeno has warned about the stagflation coming in Europe which means high inflation rates and slow economic growth.
Here’s how the markets are reacting on March 3:
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