Report

rss

Iraq News

Kurdistan

Economy

World

All News

Europe, Iraq are more vulnerable to economic stress from Russia-Ukraine war

Category: Economy

Date: 2022-03-04T18:47:12+0000
Europe, Iraq are more vulnerable to economic stress from Russia-Ukraine war

Shafaq News/ The conflict in Ukraine could knock $1 trillion off the value of the world economy and add 3% to global inflation this year by triggering another supply chain crisis, according to the Iraqi National Institute for Economic and Political Research.

The head of the Institute, Wissam al-Helou, told Shafaq News Agency that higher oil and gas prices might be able to mitigate the impact of the sanctions on Russia but the level of global gross domestic product (GDP) will drop by about 1 percentage point by 2022 and 2.5 in 2023.

Europe, which is bound to Russia with commodity and energy supply chains, leave it more exposed than any other region, according to al-Helou. 

"The war will also force European governments to pay more in order to accommodate the influx of migrants and strengthen their armies," he added. 

Al-Helou urged the Iraqi government and relevant economic bodies to heed the global indices and immunize the economy with sustainable and stable resources, "given that Iraq is vulnerable  to all the variables that are going of charts currently due to the ongoing war."

"Iraq's interest shall prevail, both economically and politically," he continued, "the economy is already stretched by decades long history of soaring unemployment and poverty rates, in addition to a torrent of political and administrative problems. It cannot, under the current circumstances, to endure the anticipated damages of the ongoing war."

related

Oil falls on profit-taking, all eyes on Russia, Ukraine

Date: 2022-02-15 05:31:30
Oil falls on profit-taking, all eyes on Russia, Ukraine

Iraq and Russia discuss prospects for clean energy

Date: 2021-06-10 14:05:49
Iraq and Russia discuss prospects for clean energy

Global Markets Fall After Russia Orders Troops Into Ukraine

Date: 2022-02-22 09:36:14
Global Markets Fall After Russia Orders Troops Into Ukraine

Iraq, KSA are helping Europe overcome a pivot away from Russian oil

Date: 2022-07-23 06:53:18
Iraq, KSA are helping Europe overcome  a pivot away from Russian oil

History Flashback: How Iraq Used Russian-Made Scud Missiles During The Gulf War

Date: 2022-06-20 10:08:01
History Flashback: How Iraq Used Russian-Made Scud Missiles During The Gulf War

PayPal shuts down its services in Russia citing Ukraine aggression

Date: 2022-03-06 08:02:30
PayPal shuts down its services in Russia citing Ukraine aggression

Ukraine introduces export licences for key agricultural commodities

Date: 2022-03-06 21:04:38
Ukraine introduces export licences for key agricultural commodities

US and allies freeze $330 bn of Russian assets since Ukraine invasion

Date: 2022-06-29 11:31:03
US and allies freeze $330 bn of Russian assets since Ukraine invasion