War in Ukraine could trigger another recession, warn economists

Prices of gas, oil and food are soaring worldwide as the economic sanctions levelled against Russia begin to bite in earnest

Jeffrey Sachs says sanctions won’t deter Vladimir Putin from seizing control of Ukraine. Picture: Getty

Ireland and other European countries face the very real prospect of an economic recession as the impact of Russia’s invasion of Ukraine continues to unfold, leading economists have warned.

It comes as global commodity markets were subject to serious volatility in the past week as prices for oil, gas, staple foods and other commodities surged to fresh highs before easing slightly, while western countries continue to escalate economic sanctions against Russia.

Jeffrey Sachs, an economist ...