Emerging macro instability

Global economy is reeling from new supply shocks

The global economy, which has barely begun its recovery from the multiple shocks inflicted on it during the first two years of the Covid-19 pandemic, is now facing three fresh challenges. The first is the effect of Russia’s invasion of Ukraine; the former is a major supplier of oil and gas and member of OPEC Plus, while both countries are crucial producers of wheat, which is central to the food security of many nations. The second is the impact of the sanctions imposed on Russia as a consequence of the invasion, which will serve to cut the country out of