XLG - Before And After: How Ukraine Changed Our Outlook

• Just when we thought the world economy was regaining its footing, a military conflict in Europe has led us to reconsider our outlook for growth and inflation.
• In light of Russia’s invasion, we developed a framework for thinking about the economic impact of the conflict on the economies outside the direct conflict.
• The conflict in Ukraine—regardless of the outcome—is likely to materially increase our attempts to find greener or more sustainable energy sources and accelerate our development of more efficient and environmentally friendly transport.

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