Russia’s attack on Ukraine and retaliatory sanctions from the West may not portend another global recession. However the conflict threatens to inflict severe economic damage on some countries and industries that could mean hardships for millions of people.. Russia is the world’s third-biggest producer of petroleum and is a major exporter of natural gas.Ukraine’s farms feed millions around the world. And financial markets are in a precarious spot as central banks prepare to reverse years of easy-money policies and raise interest rates to fight a resurgence of inflation. Those higher rates will likely slow spending and raise the risk of another downturn.
