This policy brief provides a provisional analysis of the multifaceted socioeconomic implications of the war in Ukraine on Asia-Pacific economies. There are three main messages. First, amid higher commodity prices, weaker global demand and heightened economic uncertainty, early indicators are pointing to notable adverse macroeconomic impacts of the war in Ukraine on the region.
Second, the analysis shows that several Asia-Pacific economies are at a relatively greater risk because their economic structure and conditions are more exposed to higher energy and food prices, smaller external financial inflows, rising financing costs and weaker business sentiments.
Third, Asia-Pacific policymakers can consider various policy measures to reduce the immediate impacts of the war and increase resilience to future economic and price shocks. ESCAP could support its member States in formulating and implementing such policies related to energy, trade and investment, transport and fiscal sectors.