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The report summarizes the first assessment of ÌÇÐÄÆƽâ°æ's Strategic Market ÌÇÐÄÆƽâ°æ analysts of the impact of the ongoing Russia-Ukraine war on the Market Outlook forecasts. It takes into account three scenarios for the course of the war from bad to worst and details the likely repercussions in four major impact areas:

• Agricultural and mineral commodity prices will stay elevated
• Global growth will take a significant hit while inflation is expected to soar
• Already stressed supply chains will be rattled once again
• Consumers will be hit by an external price shock on food and fuel budgets

The findings are based on data available until late March and will be updated as the situation unfolds. Likewise, the ÌÇÐÄÆƽâ°æ Market Outlooks will be updated gradually to reflect the changed macro outlook.