Browsing: impact of Ukraine war

Global economy facing intense challenges owing to war in Ukraine, COVID lockdowns in China

Business
  • A report by Turner & Townsend revealed that the global economy is facing intense challenges, despite expecting a robust recovery in 2022 following two tough years of the COVID-19 pandemic
  • The war in Ukraine and renewed COVID-19 lockdowns in China have destabilised the supply chain further, causing widespread disruption
  • Higher energy costs and climate change-induced floods, storms and fires are all combined to test the resilience of the global economy

A new report has indicated that the global economy is facing intense challenges, despite expecting a robust recovery in 2022 following two tough years of the COVID-19 pandemic.

The Global economic outlook: A disrupted recovery by Turner & Townsend revealed that despite 2022 starting on a solid base, the war in Ukraine and renewed COVID-19 lockdowns in China have destabilised the supply chain further, causing widespread disruption.

The report further noted that higher energy costs and climate change-induced floods, storms …