Russia-Ukraine Conflict Contributing to Worsening Trade, Shipping Outlook, UN Says
Russia’s war on Ukraine has led to a “rapidly worsening outlook” for the global economy, including rising trade costs for certain agricultural goods and fuel, the U.N. Conference on Trade and Development said in a March 16 report. The trade…
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outlook is especially dire for developing nations due to increasing food and energy prices, the U.N. said, and is leading to rising freight rates around the world. “Due to higher fuel costs, rerouting efforts and zero capacity in maritime logistics,” the report said, “the impact of the war in Ukraine can be expected to lead to even higher freight rates."