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Global economy

How industrial standards help explain Russia's economic motives for invading Ukraine

by Justin Ho
May 17, 2022
International standards can be tools of globalization. They can also keep other countries locked within an economic orbit.
A Ukrainian soldier guards a road near the Russian border in April 2014, just weeks after Russia invaded and annexed Crimea. After the invasion, Ukraine rejected Russia’s industrial standards and opted for Europe’s instead.
Robert Leslie/AFP via Getty Images
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China’s efforts to address domestic problems can lead to global challenges

by Sabri Ben-Achour and Erika Soderstrom
Apr 29, 2022
Restrictions on exports like fertilizer and steel have major economic ramifications for trading partners.
When the prices of fertilizer began to increase last year, China moved to restrict fertilizer exports. Above, workers move bags of fertilizer in China's northwest Qinghai province in 2005.
Peter Parks/AFP via Getty Images
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Global economic growth will be almost cut in half this year — or will it?

by Nancy Marshall-Genzer
Apr 19, 2022
The IMF forecasts a slowdown in growth from 6.1% in 2021 to 3.6% in 2022. But the pandemic and the war could change its outlook.
The uncertainties of the pandemic and the Russia-Ukraine war make it especially difficult to predict future economic conditions. Above, inside the New York Stock Exchange.
Spencer Platt/Getty Images
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Global food prices reach all-time high

by Stephanie Hughes
Apr 8, 2022
The United Nations’ index of global food prices rose 12.6% in March, increasing the risk of hunger in the developing world.
In Egypt, the government subsidized bread so much that it costs consumers less than the value of the grain it's made with, leading to waste.
Khaled Desouki/AFP via Getty Images
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Could the U.S. have weakened its financial clout by using it to sanction Russia?

by Sabri Ben-Achour
Apr 4, 2022
Probably not, but Russia and China are likely to keep looking for ways to avoid U.S.-controlled financial infrastructure.
The U.S. has a lot of leverage in the global financial system — at least for now.
SSV-Photo/Getty Images
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How Russian sanctions could speed up the corrosion of globalization

by Kai Ryssdal and Andie Corban
Mar 23, 2022
Adam Posen of the Peterson Institute says that could lead to less varied, costlier goods and a more divided and politically uncertain world.
As globalization corrodes, Adam Posen argues, American consumers could see a smaller variety of goods at higher prices.
Justin Sullivan/Getty Images
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Trade deals improve relations with U.S. allies — gradually

by Mitchell Hartman
Mar 23, 2022
A new trade deal with the U.K. will erase Trump-era tariffs on steel and aluminum imported into the U.S., and motorcycles and whiskey exported to the U.K.
Shipping containers at Seaforth Dock in Liverpool. In the latest trade deal, U.S. tariffs are being replaced with import quotas.
Paul Ellis/AFP via Getty Images
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Central Asia suffers collateral economic damage from Russia's war in Ukraine

by Stephen Beard
Mar 22, 2022
These neighbors of Russia played no part in Putin’s invasion, but they are caught in the economic crossfire triggered by sanctions.
Kazakhstan's president, Kassym-Jomart Tokayev, left, meets with Russian President Vladimir Putin in February. The value of Kazakhstan's currency has fallen since Russia's invasion of Ukraine.
Mikhail Klimentyev/Sputnik/AFP via Getty Images
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COVID-19

After 2 years in the pandemic economy, businesses still face uncertainty

by Sean McHenry
Mar 7, 2022
But it's not necessarily the pandemic that's driving it. Three businesses on three continents share what they're seeing.
Small businesses have been through a lot of stress and uncertainty in the last two years, and the war in Ukraine is creating new challenges.
Sascha Schuermann/Getty Images
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Higher prices, more risk: How Russia's war on Ukraine is likely to affect the global economy

by Mitchell Hartman
Feb 24, 2022
The invasion has introduced a lot of unknowns for global trade, financial markets and national economies. It's also a blow to the pandemic recovery.
People carrying bags walk on a street in Ubla, Slovakia, after crossing the Slovak-Ukrainian border on Feb. 24. Russia began a large-scale attack on Ukraine overnight, with explosions reported in several cities and outside the regions held by Russian-backed rebels.
Zuzana Gogova/Getty Images
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