A year of war in Ukraine has already made a dent in world prosperity. But its deeper impact will be felt in how the conflict plays into shifts that were already reshaping the global economy before Russia's tanks rolled into its neighbor's territory.
Most immediately, the war added new uncertainties to the economic trauma of a COVID-19 pandemic that had already led to record rises in public debt, inflation-fueled cost-of-living crises, and labor shortages in essential sectors.
Economic sanctions on Moscow came as hurdles to world trade were mounting after an era of rapid globalization. Russia's weaponization of its gas and oil exports bolstered the case for an energy transition already made urgent by climate change.