Amid Russia's-Ukraine war enters 2023, the fighting shows no signs of stopping, let alone a peaceful resolution of hostilities. The war continues to cause unspeakable suffering and destruction in Ukraine, but the economic ramifications are far greater. Sharp rises in inflation, driven by pressure on prices of energy, food and other commodities, are hitting the economic consequences of the pandemic crisis and a still-struggling global economy. The EU is one of the most exposed economies because of its geographical proximity to war and its much-declining dependence on fossil fuel imports. Rising inflation dampened some of the post-pandemic euphoria ahead of war, but real GDP growth in the first half of the year exceeded expectations. Attached are links to understand more about EU economic development.
