Refugees, energy prices, economic growth, interest rates and food prices will all carry an additional cost via IrishTimesBiz
Putin’s mis-step was to think Ukraine could be overwhelmed swiftly and that Western countries would be divided and muted in their response as in the past. The international boycott and isolation means Russia is now the most sanctioned country in the world.
Accommodating families displaced by the war is a duty but the long-term expense could be huge and could put additional strain on housing, education and healthcare systems. We’re in the midst of an oil and gas price shock akin to those that rocked the world economy in the 1970s. Whether the price surge and the likely monetary policy response will result in stagflation – a period of high inflation and low growth – as it did in the 1970s remains to be seen.
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