Economic pain on way for Europe

Exposure to Ukraine conflict likely to drive prices, dent mood, experts say

Europe's economy may bear the brunt of the spillover effects of the Ukraine crisis in the form of even higher energy prices and reduced business confidence, analysts said.

Tian Dewen, deputy director of the Institute of European Studies at the Chinese Academy of Social Sciences, said that the world is a global village in which countries are economically interdependent, and any crisis that arises can affect the lives of people everywhere.

One immediate impact of the Ukraine crisis is the hit to Europe's economic recovery against the backdrop of the COVID-19 pandemic.