Ukraine war, pandemic send shock waves through global economy

Rising food and petrol prices have become a major issue as the rate of inflation skyrockets, but New Zealand is not alone.

The war in Ukraine, the ongoing pandemic and supply chains are all causing shock waves through global economies. On the streets of Shanghai, Colombo, Nairobi and New York, the economic pain is the same.

More than two years into the pandemic, the streets of Shanghai have veered from being eerily quiet to an unusual sign of dissent, in the form of protests.

The shutdown in Shanghai affects the rest of the world.

“We’ve had significant issue in terms of port access in the few months and that’s clearly continuing, demand-wise a lot of the products we sell into China are food-based products that are needed and required, but clearly there are major supply chain issues,” Finance Minister Grant Robertson said.

Then the war in Ukraine is adding to the global trend of rising food and fuel prices.

“The global economy looks a bit stuffed at…

Read more…