If we thought the world turned upside down with the Covid-19 pandemic, Russia’s invasion of Ukraine has rocked the world’s economic boat.
In July, the IMF cut the global GDP forecast as economic outlook grows ‘gloomy and more uncertain’. The Fund expects the world economy to grow 3.2% in 2022 before slowing to 2.9% in 2023. This is revised downwards by 0.4 and 0.7 percentage points, respectively, from its April forecasts.
But ever since tanks from Russia rolled into its neighbouring country, how exactly has the world changed? How has Russia’s economy performed? Are there any temporary benefits that countries have sought? Which countries are turning into bigger trade partners than before?