New economic forecasts have significantly lowered the expected economic growth for the U.S. and for the world.

From Fox Business. Russia’s invasion of Ukraine will likely hit economic growth globally and here at home.

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“The Russia-Ukraine crisis is viewed as a negative growth shock for the global economy,” said National Association of Business Economics President David Altig, executive vice president and director of research, Federal Reserve Bank of Atlanta, following a new NABE survey released Monday. “With 47% of respondents indicating global growth will be reduced by more than 0.5%” he added….

Plus, the majority of NABE economists see inflation staying above 3% through 2023. Consumer prices rose in February by 7.9%, the highest since 1982, while producer prices jumped 10%, the highest on record….

Additionally, the Federal Reserve is also growing more concerned about the Russia-Ukraine conflict, noting that it will likely “create additional upward pressure” as disclosed in the Fed’s policy statement last week after it raised the benchmark Federal Funds rate by 25 basis points, the first hike in three years.

Policymakers also cut annual U.S. GDP estimates to 2.8% from 4%, in part because of the uncertainty tied to the Ukraine war….

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(Excerpt from Fox Business. Photo Credit: Andre Taissin on Unsplash)