Fears that war in Ukraine could lead to ‘strong pressures’ during wage talks
Labour economist Andrew Levy says the war will result in serious disruption in supply chains, inflation, big hikes in transport costs and world currency instabilities
After Covid-19 disrupted global trade and supply chains and put financial markets into a tailspin, the war in Ukraine is set to inflict another economic shock that could lead to a spike in inflation and result in increased wage demand and “strong pressures at the negotiating table”.
Andrew Levy, a labour economist said the war, which Russian President Vladimir Putin calls a “special operation”, will result in serious disruption and delays in supply chains worldwide, upward inflationary pressures, huge increases in transport costs due to a spike in oil prices, and world currency instabilities, among others...
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