Erdogan: Hopefully, the war between Russia and Ukraine will end soon

Turkish President Recep Tayyip Erdogan expressed hope on Saturday that the war between Russia and Ukraine would end as soon as possible.

Turkish media quoted Erdogan as saying: “We feel the negative repercussions of that war, which disrupts the balance of world trade”.

Earlier, the European Bank said the world economy was facing “the biggest supply shock since at least the early 1970s”, noting that “Russia and Ukraine supply (the world) a disproportionately large share of commodities including wheat, maize, fertilizer, titanium and nickel”.

The pressure from inflation, which was high even before the war, “will certainly increase now, which will have disproportionate repercussions on many of the lower income countries” where the bank invests, “as well as on the poorest segments of the population in most countries”, said Byata Yavorchik, the bank’s chief economist.

Earlier this month, the bank unveiled a €2 billion ($2.2 billion) resilience package to help citizens, businesses and countries affected by Ukraine’s war, including those receiving refugees.

“Europe has also experienced the largest forced displacement since World War II, and the report examines the potential consequences of such migration”, he said.