Russia's actions in Ukraine is causing significant misery, according to the ECB Economic Bulletin.

"According to the European Central Bank (ECB), Russia's war against Ukraine is causing heavy economic damage," the ECB stated in an economic bulletin article published on Thursday.

April 28, 2022 - 05:30 PM 273 views

Russia's actions in Ukraine is causing significant misery, according to the ECB Economic Bulletin.

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© Russia's actions in Ukraine is causing significant misery, according to the ECB Economic Bulletin.

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"According to the European Central Bank (ECB), Russia's war against Ukraine is causing heavy economic damage," the ECB stated in an economic bulletin article published on Thursday.

The additional points to be noted are:

A survey indicates that the Omricon variant of the COVID-19 will have less impact on advanced countries. Therefore, the global economic activity can be restored back to its original position by the start of the year 2022.

There are several factors that indicate the slow economic growth rate. One of the pioneering reasons is the Russia-Ukraine war. As a result of this war, businesses and consumers also lost trust because of the uncertainty it provides.

Support from financial and monetary policies remains highly difficult, especially in this critical geopolitical scenario.

The market-based indicators predict that fuel costs and energy prices will stay high for a period of time, but that they will come down after some time. As well, food prices also increased substantially.

As the economy reopens, the prices are also pushed upwards rapidly by the normalisation of demand and supply bottlenecks.

The Market Reaction:

When last seen, the EUR/USD pair was trading at 1.0530, bouncing back from over five-year lows amid the high jumps in the US dollar.

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