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The Big Take

How War in Ukraine Threatens the World’s Economic Recovery

Bloomberg Economics examines how the conflict could impact growth, inflation and monetary policy.

An apartment complex in the eastern Ukraine town of Chuguiv was hit in an airstrike on Feb. 24.

An apartment complex in the eastern Ukraine town of Chuguiv was hit in an airstrike on Feb. 24.

Photographer: Aris Messinis/AFP/Getty Images

Russia’s invasion of Ukraine carries huge risks for a world economy that’s yet to fully recover from the pandemic shock.

The conflict already looks like the most serious war in Europe since 1945. Russian forces carried out airstrikes, captured army bases and advanced toward Kyiv as civilians fled. Western officials said the capital may fall at any time, with its air defenses eliminated.