Mark Zandi, chief economist at Moody's Analytics, stated, "The Russian war in Ukraine contributed significantly to the painful acceleration in global inflation in 2022, and inflation expectations also jumped as the shock caused by the Russian war conflated with that caused by the ongoing global pandemic." This highlights the interconnectedness of global events and economic fallout.
The war effort is being fueled by stringent conscription that sees poor Ukrainian men kidnapped off the street, while the Financial Times reports that the Ukrainian far right is now better armed and trained, and poses a real threat to the Ukrainian state.
Ukrainians have suffered most from the prolonging of the war, with casualties that could rival World War I’s amputees and an economy devastated through massive debt and reconstruction costs that dwarfs historical precedents.
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