Tom Nolan + 2,441 TN April 14, 2022 Putin’s war in Ukraine is having a devasting impact on economies across the globe. The war is set to inflict twice the amount of economic damage across Europe and Central Asia than the pandemic did in 2020. Nothing compares to the cost facing Ukraine, with the World Bank estimating that the country’s economy will shrink by 45% this year. https://oilprice.com/Geopolitics/International/Putins-War-Set-To-Cost-Europe-Twice-As-Much-As-COVID-In-2020.html https://www.zerohedge.com/economics/ukraine-war-set-cost-europe-twice-much-covid-2020 Ukraine War Set To Cost Europe Twice As Much As COVID In 2020 by Tyler Durden Thursday, Apr 14, 2022 - 02:30 AM By Michael Kern of OilPrice.com Aside from the tragic human casualties and infrastructure devastation, Ukraine is facing a massive economic crisis that the World Bank estimates will shrink the country’s economy by 45.1% this year. Putin’s War Set To Cost Europe Twice As Much As COVID In 2020 By Michael Kern - Apr 12, 2022, 12:00 PM CDT Putin’s war in Ukraine is having a devasting impact on economies across the globe. The war is set to inflict twice the amount of economic damage across Europe and Central Asia than the pandemic did in 2020. Nothing compares to the cost facing Ukraine, with the World Bank estimating that the country’s economy will shrink by 45% this year. Join Our Community Aside from the tragic human casualties and infrastructure devastation, Ukraine is facing a massive economic crisis that the World Bank estimates will shrink the country’s economy by 45.1% this year. With Putin’s war already succeeding in shutting down half of Ukraine’s businesses, the World Bank’s new estimate is a serious blow when compared with the pre-war forecast of 3% growth. In a recent report, Anna Bjerde, World Bank Vice President for the Europe and Central Asia region, said the magnitude of the contraction will depend on the duration and intensity of the war. "The magnitude of the humanitarian crisis unleashed by the war is staggering. The Russian invasion is delivering a massive blow to Ukraine's economy, and it has inflicted enormous damage to infrastructure," she said. A continuation of the war would cause even larger falls in GDP, with the bank predicting a downside 20% contraction in Russia’s GDP and a 75% contraction in Ukraine’s GDP. Since the start of the invasion, roughly 3 million people have lost their jobs while the Ukraine government’s preliminary estimates suggest that the economy may have already lost approximately $565 billion. Related: Oil Sands Financing From Canadian Banks Doubles With millions of Ukrainians fleeing the country or joining the fight against Russia, the workforce has shrunk dramatically, making it difficult to keep the wartime economy going. More than 4 million people have fled Ukraine, mostly to Poland, with an additional 6.5 million displaced within the country. The blockage of Black Sea shipping from Ukraine has cut off some 90% of the country's grain exports and half of its total exports. Global food prices have risen as a result, with Ukraine being the world's biggest exporter of sunflower oil, followed by Russia. All in all, Ukraine’s ports have already suffered a fall in traffic of more than 75% The World Bank says Ukraine needs "massive financial support immediately". The Bank has already sent some $1 billion to help the government provide critical services to citizens, and has promised a further $2 billion in the coming months. At the same time, the World Bank says Russia has already plunged into a deep recession due to Western sanctions, projecting Russia's economy would contract by 11.2% this year. The US has banned all Russian oil and gas imports and the EU has proposed a plan to make Europe independent from Russian fossil fuels before 2030. However, the block still pays Russia nearly $884 million for energy daily. That alone amounts to nearly 40% of Russia's income. Experts agree that Russia’s invasion of Ukraine will have lasting and negative effects on the world economy and the rises in global energy and food prices and inflation will hit millions of people. The war is set to inflict twice the amount of economic damage across Europe and Central Asia than the pandemic did in 2020. In addition to Russia and Ukraine, neighboring Belarus, the Kyrgyz Republic, Moldova and Tajikistan are projected to fall into recession this year. The growth projections have been downgraded in all economies due to spillovers from the war. By Michael Kern via Safehaven.com More Top Reads From Oilprice.com: India’s Russian Dealings Have Left Biden’s Geopolitical Oil Strategy In Tatters Tight Oil Markets Are Sending Fuel Margins Through The Roof Germany Has Enough Gas Through Summer Without Russian Supply Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN April 14, 2022 https://finance.yahoo.com/news/imfs-georgieva-says-ukraine-war-130000431.html REUTERS IMF's Georgieva says Ukraine war hits growth, threatens to fragment global economy By David Lawder WASHINGTON, April 14 (Reuters) - The war in Ukraine is prompting the International Monetary Fund to cut global growth estimates for both 2022 and 2023 as higher food and energy prices pressure fragile economies, the IMF's managing director, Kristalina Georgieva, said on Thursday. Georgieva said in a "curtain raiser" speech for next week's IMF and World Bank spring meetings that the fund would downgrade its growth outlooks for 143 economies representing 86% of global economic output, but said most countries will maintain positive growth. Georgieva, who previously warned that the war would drag on growth this year, said Russia's invasion of Ukraine was "sending shockwaves throughout the globe" and dealing a massive setback to countries struggling to recover from the still-raging COVID-19 pandemic. "To put it simply, we are facing a crisis on top of a crisis," Georgieva said in remarks to the Carnegie Endowment for International Peace in Washington. "In economic terms, growth is down and inflation is up. In human terms, people's income are down and hardship is up." The IMF, which is set to release new economic forecasts on Tuesday, anticipates that inflation, now a "clear and present danger" for many economies, will remain elevated for longer than previously expected. Georgieva did not provide a specific target for global growth, but has said previously it would be lower than the 4.4% the IMF forecast in January, a figure already reduced by half a percentage point due to lingering supply chain disruptions caused by the pandemic. "Since then, the outlook has deteriorated substantially, largely because of the war and its repercussions," she said. "Inflation, financial tightening and frequent, wide-ranging lockdowns in China -- causing new bottlenecks in global supply chains -- are also weighing on activity." THE THREAT OF FRAGMENTATION Georgieva also warned of a major new complication, the fragmentation of the global economy into geopolitical blocs, with differing trade and technology standards, payment systems and reserve currencies. Similarly, U.S. Treasury Secretary Janet Yellen raised concerns on Wednesday about a "bipolar" global economy with the United States and democratic allies on one side, and China and other state-led economies on the other. Georgieva said such a fragmentation was the biggest threat to the post-World War Two, U.S.-led economic order governed by the IMF, the World Bank, and other institutions created at the end of that conflict. "Such a tectonic shift would incur painful adjustment costs. Supply chains, R&D, and production networks would be broken and need to be rebuilt," she said. "Poor countries and poor people will bear the brunt of these dislocations." The shift is already impairing the world's ability to work together to resolve the Ukraine war and COVID-19 crises and threatens to derail cooperation on climate change and other challenges, she said. Georgieva said food insecurity is a "grave concern" because of disruption to grain and fertilizer supplies from Ukraine, Russia and Belarus, pressuring the weakest countries. Without action on a multilateral plan to bolster food supplies, many countries face more hunger, poverty and social unrest. (Reporting by David Lawder; Editing by Dan Burns and Leslie Adler) Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN April 14, 2022 I have said this repeatedly in the past. I will say it again. It is my contention (the short version)… EUROPE and its coming destruction. The first step is to destroy Europe. It is by design. That WILL OCCUR…Europe will be in shambles during the coming years. The U.N. is a dynamic tool of the World Economic Forum. This Ukraine-Russia crisis emphasized by the United States is designed to facilitate the destruction of Europe. In the beginning, the U.S. will appear to benefit especially as its currency remains dominant with no threat as a result of trading partners such as Germany and Russia who might exchange mutual currencies. The Ukraine-Russia crisis needs to occur now, prior to the destruction of European currencies when The Federal Reserve raises rates. This crisis destroys any viable energy source within economic reason putting the population under tremendous financial hardship. People should realize that The European Parliament is impotent. Nation Members of EU Parliament have no real powers…look it up and understand their structure. It was by design. And also grasp that tied to the EURO currency there have been negative interest rates but also mandates that Pension Funds must own these type of bonds. (the imminent destruction of pension funds) The insane Energy Policies of Europe have not been ordained by rational thinking, but by deceptive influence from powerful interests. Anyone can put 2 + 2 together to forecast the coming decade. What will happen to European currency and the economy when The Federal Reserve raises interest rates? What will happen to prices when the European energy sector is in shambles? The famous quote of the 4th Industrial Revolution of the World Economic Forum for predictions of the year 2030 is “You will own nothing and be happy”. The global policies from the Covid-19 Pandemic were not about trying to help people’s health, but they were about deceptively installing control factors upon the populace. The installed control factors are already there. Eventually, there will be Central Bank currencies which will be tied to a person's Digital ID. All their money will be tied to this Digital ID. Just like ESG for corporations, the Digital IDs will have a "social score". If an individual gets out of line from the official narrative, their score will go down. Their money can be turned off, just like what happened in Canada recently with thousands of personal bank accounts locked. There is much more to this agenda. If you read the documents at the World Economic Forum, they tell you the plans. It is… 3-D Chess not the 2-D Chess of Ukraine-Russia - What is actually coming during this decade… Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN April 14, 2022 3 minutes ago, Tom Nolan said: I have said this repeatedly in the past. I will say it again. It is my contention (the short version)… EUROPE and its coming destruction. The first step is to destroy Europe. It is by design. That WILL OCCUR…Europe will be in shambles during the coming years. The U.N. is a dynamic tool of the World Economic Forum. This Ukraine-Russia crisis emphasized by the United States is designed to facilitate the destruction of Europe. In the beginning, the U.S. will appear to benefit especially as its currency remains dominant with no threat as a result of trading partners such as Germany and Russia who might exchange mutual currencies. The Ukraine-Russia crisis needs to occur now, prior to the destruction of European currencies when The Federal Reserve raises rates. This crisis destroys any viable energy source within economic reason putting the population under tremendous financial hardship. People should realize that The European Parliament is impotent. Nation Members of EU Parliament have no real powers…look it up and understand their structure. It was by design. And also grasp that tied to the EURO currency there have been negative interest rates but also mandates that Pension Funds must own these type of bonds. (the imminent destruction of pension funds) The insane Energy Policies of Europe have not been ordained by rational thinking, but by deceptive influence from powerful interests. Anyone can put 2 + 2 together to forecast the coming decade. What will happen to European currency and the economy when The Federal Reserve raises interest rates? What will happen to prices when the European energy sector is in shambles? The famous quote of the 4th Industrial Revolution of the World Economic Forum for predictions of the year 2030 is “You will own nothing and be happy”. The global policies from the Covid-19 Pandemic were not about trying to help people’s health, but they were about deceptively installing control factors upon the populace. The installed control factors are already there. Eventually, there will be Central Bank currencies which will be tied to a person's Digital ID. All their money will be tied to this Digital ID. Just like ESG for corporations, the Digital IDs will have a "social score". If an individual gets out of line from the official narrative, their score will go down. Their money can be turned off, just like what happened in Canada recently with thousands of personal bank accounts locked. There is much more to this agenda. If you read the documents at the World Economic Forum, they tell you the plans. It is… 3-D Chess not the 2-D Chess of Ukraine-Russia - What is actually coming during this decade… I want to tie-in this previous comment... Remember Nord Stream 2 ? The Ukrainian crisis has nothing to do with Ukraine. It’s about Germany and, in particular, a pipeline that connects Germany to Russia called Nord Stream 2. Washington sees the pipeline as a threat to its primacy in Europe and has tried to sabotage the project at every turn. Even so, Nord Stream has pushed ahead and is now fully-operational and ready-to-go. Once German regulators provide the final certification, the gas deliveries will begin. German homeowners and businesses will have a reliable source of clean and inexpensive energy while Russia will see a significant boost to their gas revenues. It’s a win-win situation for both parties. The US Foreign Policy establishment is not happy about these developments. They don’t want Germany to become more dependent on Russian gas because commerce builds trust and trust leads to the expansion of trade. As relations grow warmer, more trade barriers are lifted, regulations are eased, travel and tourism increase, and a new security architecture evolves. In a world where Germany and Russia are friends and trading partners, there is no need for US military bases, no need for expensive US-made weapons and missile systems, and no need for NATO. There’s also no need to transact energy deals in US Dollars or to stockpile US Treasuries to balance accounts. Transactions between business partners can be conducted in their own currencies which is bound to precipitate a sharp decline in the value of the dollar and a dramatic shift in economic power. Quote Share this post Link to post Share on other sites
Most Active Members
Recently Online
Popular Members
Trending Discussions
