The World Economic Situation and Prospects as of mid-2022, set to be released on 18 May 2022, will delve into the multitude of local, regional, and global economic consequences of the current war in Ukraine.

The war, which erupted in February 2022, has led to a severe global crisis on multiple fronts. In addition to the loss of life and massive destruction of civilian infrastructure, millions have been displaced. Energy, metals, food, and fertilizer prices have reached record levels increasing the risk of food insecurity. New supply chain disruptions have hit the global trade system, and financial markets remained edgy amid interest rate hikes to counter inflationary pressures. As a result of the negative spillover effects of this ongoing crisis, global output growth is revised down significantly, while inflation is projected to rise further, relative to the earlier forecasts released by UN DESA in January 2022.

The war is also expected to exacerbate existing vulnerabilities and inequalities in developing and least developed countries already weakened by the COVID-19 pandemic. At the same time, the war could pose significant new challenges for global climate action amid soaring energy costs and energy security concerns.

Join UN DESA on 18 May 2022 as the department launches the World Economic Situation and Prospects as of mid-2022. In addition to the economic costs of the war, the report will examine how soaring inflation has been driven by large supply shocks, presenting central banks with difficult policy choices. The press briefing will be broadcast live at webtv.un.org at 12 noon EDT.

This article originally appeared in UN DESA Voice, vol. 26, No. 5