With no sign of an early end to the war in Ukraine, the risk is growing that the conflict will tip a fragile global economy into a slump.
In its first seven weeks, the war has already triggered massive Ukrainian refugee flows, boosted inflation by driving up prices on food and oil, and dented prospects for European growth.
U.S. and allied financial sanctions designed to punish Moscow have put a chokehold on the Russian economy, sparking an exodus by hundreds of multinational companies and pushing the government to the brink of its first default on foreign-currency debt since the Bolshevik Revolution.
With U.S. and NATO officials warning that the fighting in Ukraine could continue for months or even years, a greater economic toll looms.
On Tuesday, the World Trade Organization slashed this year’s growth forecast to 2.8 percent from 4.1 percent before the war, saying the conflict had inflicted “a severe blow” on the world economy.