Treasury Secretary Janet Yellen said the war in Ukraine has triggered higher food and energy prices around the world, and described the globe’s economic outlook as “challenging” and “uncertain.”
“The United States in many ways is best positioned; I think to meet this challenge given the strength of our labor market and the economy;” Yellen said ahead of a meeting of the G-7 finance ministers and central bank governors in Bonn, Germany.
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Yellen, who spent the week in Warsaw and Brussels; added that rising inflation also poses a significant challenge to the global economy.
She said that the sweeping global sanctions imposed on Russia; by the U.S. and more than 30 countries are curbing the Kremlin’s ability to finance its ongoing war in Ukraine.
“Russia is experiencing a recession, high inflation, acute challenges in their financial system and an inability to procure materials and products they need to support their war and their economy;” she said, adding that two Russian tank manufacturers recently shut down due to a lack of supplies.
