What is the economic impact of the conflict between Russia and Ukraine?

The war's impact on the world economy has been profound and may last for years. Trade has been hampered, soaring inflation has been stoked, and global financial conditions have tightened. The two countries that produce essential commodities like oil, gas, and wheat—Russia and Ukraine—have been affected economically the most immediately. They account for a sizable portion of global exports, and disruptions have caused prices to rise. Inflation is the widespread increase in prices of goods and services that leads to a decline in the purchasing power of money. Inflation can be either positive or bad, depending on how it affects various economic sectors. In many situations, people and businesses who hold physical assets like real estate or commodities might benefit from inflation. Prices in these industries frequently go up to keep up with rising demand. For others, though, this may lead to a variety of issues. For instance, people may stockpile non-perishable and durable products in