[CGTN] How will global economic outlook be influenced by the crisis?

Wang Huiyao, founder and president of the Center for China and Globalization (CCG), said that the weeks-long conflict between Russia and Ukraine has badly hit the world economy. Besides the energy crisis, agricultural labor force shortage and disrupted global supply chains, people are being forced to cut expenditures and consumer confidence has dampened. “Although Russia and Ukraine account for about 2 percent of the global economy, the butterfly effect of [the conflict] could cost the world economy 20 percent,” said Wang. Former Chief Economist of the World Bank Francois Bourguignon said that if an agreement can be reached between the two countries, it can minimize the impact on the world economy.