The economic consequences of modern conflict

The economic consequences of modern conflict are reverberating around the world, increasing inflationary pressures and hampering post-pandemic recovery. The conflict has driven up energy prices and worsened food shortages in many regions. The consequences of the conflict are being felt both in developed economies, especially Europe, which has faced soaring energy prices, threats to its energy security and an influx of Ukrainian refugees, and in developing countries, especially those with a high share of grain in their consumer basket. This all leads to heavy casualties, causing enormous destruction in the conflict zone and creating a serious threat to global security.