THE WAR IN UKRAINE IS TURNING THE WORLD ECONOMY INTO A TAILSPIN!
Tuesday Mar 15th, 2022
Russia’s aggressive onslaught against Ukraine has created an escalating humanitarian crisis with over 2.3 million Ukrainians flee the country since the invasion began.
Canadian financial institutions have also taken a hit from the sanctions, with the Toronto Star reporting that Canadian banks and investment firms held stock to the tune of some $200 million in seven sanctioned Russian companies.
International Monetary Fund (IMF) managing director Kristalina Georgieva has indicated that the organization is likely to cut its global growth forecast as a result of the Russian invasion in Ukraine, even though she told CNBC that it still expects the world to be in “positive growth territory.”