United States Federal Reserve Chair Jerome Powell noted on Thursday during the Global Economy debate that globalization has slowed down causing "trade to go in reverse," as a result of the problems with energy supplies.
Powell stressed that the current developments in Ukraine could lead to a more "fragmented political and economic situation," and added that supply chains have become more "fragile," emphasizing that "less globalization" could lead to "higher inflation."
Previously, US Treasury Secretary Janet Yellen remarked that the effects of the Russian military operation in Ukraine are reflected in food shortages globally, as well as high inflationary pressures that have increased the rate of poverty.
