Ukraine war must end for global good: ICCB

The developed nations are experiencing record inflation in decades and taking tough steps to control spending, which will dampen consumer demand -- a concern for Bangladesh that depends on exports to these countries, said the International Chamber of Commerce-Bangladesh (ICCB).

Bangladesh is already facing the effect of Russia-Ukraine war, with inflation reaching 7 per cent, the highest in decades, reduction in exports to Russia and Ukraine as well as rise in import bills, mainly for oil and food, it said.

"Countries are preparing for the worse, depending on their immediate and long-term concerns. For the West, it is pre-eminently a security concern and they are gearing up accordingly, apart from efforts to find alternatives to energy and food supplies."

But for the rest of the world, the humanitarian sufferings and economic concerns come first as the war has disrupted the entire supply chain, making production, business and life unpredictable, it said.

"Russia-Ukraine war is a major humanitarian crisis affecting millions of people and a severe shock to sustained economic development of the world. That's why the war must end."

The ICCB shared its observation in the editorial of its current News Bulletin released today.