Jeff Stein, Washington Post: Global leaders warn of economic dangers as crises multiply
BONN, Germany — The financial leaders of the world’s most powerful countries warned this week of the potential for a global economic slowdown, as the threats caused by Russia’s invasion of Ukraine continued to multiply.
Globally, the war is sending energy and food prices soaring. In the United States, Britain and Europe, central banks determined to curb inflation are moving to hike interest rates, which risks pushing nations into recession. The developing world faces an emerging debt crisis on top of a growing hunger problem sparked by the war.
In the United States, as in much of the rest of the world, gasoline prices surged and stock markets plunged, with the S&P 500 index nearing a bear market, closing the week down 18 percent off its early January peak after a late Friday rally. Large retailers, including Target and Walmart, have reported worse than expected earnings and profits this week, blaming higher costs and excess inventory that piled up in response to supply chain problems.
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WNU Editor: Many of these economic dangers were already present and growing before the Russia - Ukraine war. But as the economic problems continue to multiply the Russian - Ukraine war is becoming the excuse that many world leaders, in particular Western leaders, are blaming for why their country is experiencing these difficulties.
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