The shock has led to higher oil, gas, and fertilizer prices, triggering concerns about food security and job losses. Due to supply disruptions, shortages of key inputs are likely to have implications for energy, food, and other industries, the statement said. The conflict has also forcibly displaced people, impacted jobs, and reduced travel and tourism, which may take time to reverse.
The institutions said their teams are working closely to leverage expertise to help countries through tailored policy advice and, in the case of the IMF and World Bank, financial support where needed.
