Thousands, possibly tens of thousands, of people dead. Entire regions of a key food-producing nation laid waste. Its infrastructure devastated and its future at risk. Then there are the international instabilities that follow with war.
None of those things particularly helps the world’s economy, Treasury Secretary Janet Yellen has said.
A report at Just the News said Yellen believes the world’s economic outlook would improve should the Russian invasion of Ukraine come to an end.
“I think that invasion and the brutality and the economic spillovers from it are a very important factor that is responsible for diminished global growth at a time when we’re just beginning to encouragingly recover from the pandemic,” she said during an interview broadcast by National Public Radio.
“And the high food prices and energy prices that it’s caused are being felt, particularly in Africa and it is a tremendous concern,” she said.
War erupted there just about a year ago, when Russia invaded Ukraine.
She said that runaway inflation, which in the United States reached a sky-high 9.1% in June, and still remains at a white-hot 6.5%, isn’t her biggest concern.
“Well, inflation has really been quite moderate, quite low for the last six months or so,” she claimed. “We continue to see improvement in supply chains. Goods prices have actually been falling, and some of the supply chain issues that pushed up the prices of goods and commodities have really turned around and mitigated.”
The impact, however, remains for American families who are required now to spend thousands of dollars more on an annual basis to simply keep the same lifestyle they had a year earlier.
Consumers further have been blasted by surging interest rates, which the Federal Reserve has been hiking significantly every month to try to put the brakes on inflation.
Content created by WND Staff
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