Skyscrapers in Manhattan,New York City,USA.(SPENCER PLATT)

The world is teetering on chaos.Beyond the suffering and humanitarian crisis in Ukraine,the spillover effect of Russia’s ‘special military operation’ has reverberated around the world,slowing growth and increasing inflation,and shattering expectations for a smooth recovery from the COVID-19’s severe impact on world trade and business confidence.

Energy and food crunches will lift inflation further,in turn eroding the value of income and cutting into demand.Reduced business confidence and higher investor uncertainty will weigh on asset prices,tightening financial conditions and potentially spurring capital outflow from emerging markets.

Skyrocketing costs for essential commodities will make it harder for policymakers in some countries to strike the delicate balance between containing inflation and supporting economic recovery from the pandemic.

The International Monetary Fund’s new World Economic Outlook expects world economic growth to slow to 3.6 percent this year.

While the world is grappling with imminent slowdown and the possibility of recession,some countries are having second thoughts about globalization and considering turning inward.

China,a major beneficiary of globalization and contributor to the world economy in past decades,remains a staunch supporter of economic globalization and the multilateral trading system.In tumultuous times,China is taking steps to stabilize its economy and remains committed to opening wider to the world.