ADB Chief Economist about impact of conflict in Ukraine on Asia’s economies
Albert Park, Chief Economist of the Asian Development Bank (ADB), published an analysis of the impact of the military conflict in Ukraine on the economies of Asian countries on his Twitter account.
«An increasing number of journalists have asked us for analysis on the impact of the Russia-Ukraine war on Asia’s economies. This is how my economics team and I see it at this moment in time, with recognition that the situation is moving fast and our analysis may change,» he stressed.
The impact of the Russia-Ukraine war on Asia’s overall trade is expected to be limited, as Russia and Ukraine account for only 2.5 percent of Asia’s imports and 1.5 percent of Asia’s exports. Developing Asia also accounts for only 5 percent of FDI in Russia.
However, as Albert Park said, countries in Central Asia and the Caucasus as well as Mongolia have close trade links with Russia and Ukraine, and so could be hit hard.
