The implications of the war in Ukraine have captivated investors since Russia’s invasion on February 24. While the longer-term shifts—including reinforced deglobalization trends and an altered geopolitical landscape—may seem evident, the near-term uncertainty remains acute. Therefore, we framed our latest economic outlook in the context of the conflict, its economic impact, and the role of policy. Furthermore, this latest shock arrived with the global economy already undergoing a seismic shift amidst elevated inflation, softening growth, and unwinding fiscal and monetary stimuli.
