Explained: How Ukraine War, An "Economic Catastrophe", Will Hit Pockets
NDTV
Ukraine war: Supply disruptions have hit global prices of wheat, soybean, fertiliser and metals - raising worries about prices and economic recovery.
The chief of the World Bank has said that the war in Ukraine is a "economic catastrophe" for the world that will cut global economic growth. David Malpass told the BBC that the fighting comes "at a wrong time" because inflation is already rising.
Mr Malpass further said that economic impact of the war - rise in prices of oil and gas - "will hit the poor the most".
The grim forecast comes at a time when oil prices are at its highest in more than seven years. The Brent crude - international benchmark for oil prices - is hovering above the $112 a barrel mark due to the Ukraine war.
Countries, which are part of the European Union (EU), are expected to be hit badly. About 39 per cent of the EU's electricity comes from power stations that burn fossil fuels and Russia is the biggest source of that oil and gas.
