Russia's late February invasion of Ukraine has unleashed a devastating and ongoing humanitarian crisis in Ukraine, with thousands of civilian deaths. At least four million Ukrainians have fled the country and nearly seven million are internally displaced. Beyond Ukraine, the conflict is upending the global economy, deepening pressure on vulnerable households still reeling from the pandemic. And with Russia and Ukraine as major exporters of wheat, the war could destabilise the global food supply and has prompted the U.N. to warn that food insecurity could rise. In March, the OECD released an in-depth report on the Economic and Social Impacts and Policy Implications of the War in Ukraine. The OECD estimates that global economic growth will drop by more than one percentage point this year due to the conflict, and already high inflation could rise by an additional 2.5 percentage points globally. In this podcast, OECD Chief Economist and Deputy Secretary General Laurence Boone discusses the conflict’s humanitarian and economic implications, and details the OECD’s recommendations for how governments can help insulate their populations from the impact.

Host: Karina Piser

Guest: Laurence Boone, OECD Chief Economist and Deputy Secretary General

Producer: Robin Allison Davis

For more information on the global economy and Ukraine crisis, go to: https://www.oecd.org/economic-outlook/