Russia-Ukraine conflict risks global recession - economist
An economist has warned there's a risk of the global economy plunging into recession if Russia's invasion of Ukraine is not ended soon.
Dawie Roodt says already the prices of grains have gone up, and we might see more food price increases if the situation escalates.
Oil prices surged after world powers imposed fresh sanctions on Russia - fanning fears about a possible global energy crisis that could further stoke inflation.
READ: Sharp fuel price hikes will hurt all South Africans: AA
Brent crude oil rose over 5 percent to $103.15 a barrel on Monday morning.
"There is certainly very real possibility that the world economy will be threatened at the moment there's conflict in oil prices that prices remain below $100, for example," says Roodt, who is the chief economist at the Efficient Group.
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"Then there is a possibility that we can avert a recession, but confidence has been affected to such extent that I am afraid that the world economy is certainly going to grow slower and that the South African economy is properly going to get a knock as well."
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