The double danger of slowing growth and high inflationOr stagflation, which will hit the global economy this year as Russia’s war on Ukraine intensifies recovery slows According to FT research, from the coronavirus pandemic.

According to the latest Brookings-FT tracker, rising price pressures, a slump in production expansion and falling confidence will all weigh on most countries.

As a result, policymakers will face “a serious dilemma,” said Eswar Prasad, a senior fellow at the Brookings Institution.

The IMF is expected to cut its forecasts for most countries this week as finance ministers and central bankers meet at the IMF and World Bank spring meetings to discuss how to deal with the worsening economic outlook.

Policymakers must figure out how to deal with rapidly rising prices and the dangers of raising interest rates at a time when debt levels are already high.

IMF chief Kristalina Georgieva on Thursday called the Ukraine war a ”huge setback“For the global economy.

Thank you for reading FirstFT Asia.Here’s the rest of the news for the day – Sophia

Latest news on the war in Ukraine

• Military briefing: The Russian Defense Ministry has demanded the surrender of Ukrainian troops in Mariupol. Use the city’s tunnel network beneficial to them.

• NATO: Lithuanian President Kitanas Nauseda urge sweden and finland Joined NATO, believing it would improve the security of the Baltic states and strengthen Western military alliances.

• Shipping and Logistics: Russian trucks are long queue At the EU’s eastern border following a vehicle ban that came into effect on Saturday.

• Wall Street: quantity U.S. corporate bond market trade fails Shares rose after Russia’s invasion of Ukraine, with investors linking the resolution to sanctions imposed after the war began.

• finance: Bank of America detailed last week Billions of dollars in potential losses Withdraw from the war, while warning that they see no end in sight for the market turmoil.

• Sanctions: America has a “long playFurther sanctions on Russia are planned, a senior State Department official said.

• heritage: Ukraine is trying to protect its own Churches, Historic Sites and National Monuments from the ravages of war.

• View: Vladimir Putin once presided over a period of high economic growth, but with Russia’s economy stagnating, his regime is now back in the 20th century Fear-Based Dictatorship.

coronavirus digest

• South Korea lifts restrictions: Midnight curfew and restrictions on private gatherings and large events starting today will be lifted in Korea. The country has downgraded Covid-19 to a “level 2” disease.

• Interpreter: As Shanghai locks down and more Asian central banks tackle inflation, policymakers in the region nervously concerned about slowing economic growth in China.

• Effects of Omicron: The way China reports infections and deaths is mask the real impact The impact of Omicron waves and complicating their public health response.

Five more stories in the news

1. How journalists crowdfunded war coverage Crowdfunding platform Patreon has more than 3,000 contributors in Ukraine.Now, the artist and musician-focused company can Play an important role Support independent journalism.

2. China Seeing Russian Invasion as ‘Strategic Utility’ the country is wish to use Former Australian Prime Minister Kevin Rudd said an absent-minded West was focused on competition with the United States and would welcome a protracted war in Ukraine as a “rolling strategic shift”.

3. Soaring inflation reduces global negative-yielding debt by $11 trillion Bond prices have fallen this year as central banks move to end massive asset purchases and raise interest rates to combat soaring inflation.This change is about to end the era of negative-yielding debt – eliminating negative yields entirely would mark a sign of Back to normal Applicable to a wide range of large investors.

4. Shanghai citizens clashed with police Small-scale protests erupt in Shanghai for residents getting frustrated With Covid lockdown restrictions. Videos of desperate residents being restrained by police in white personal protective equipment were quickly removed from Chinese social media after clashes in the streets.

5. TikTok is under investigation by the US government The U.S. Department of Homeland Security is investigating how TikTok handles child sexual abuse material, according to two sources familiar with the case. The Justice Department is also examining how specific privacy features of Chinese social media apps are being exploited by predators.

the day ahead

China’s economy National Bureau of Statistics publish its estimates GDP growth in the first quarter.

Bank of America The global financial services company will also release its first-quarter results today.

Boston Marathon The 126th time the world’s oldest annual marathon is held in Boston, Massachusetts.

Join us for the FT Crypto & Digital Asset Summit April 26-27. Register today Be a part of important conversations with the global financial and corporate elite as they forge the way forward to connect traditional finance and future crypto leaders.

what are we still reading

Is the world really united against Russia? Initial optimism over Western response to Ukraine war has faded as even optimists realize Solidarity can be fragileAdd to that the apathy of the global South – countries like India, South Africa and Brazil – and Moscow’s narrative of Western hypocrisy and initial impressions that the whole world is united against Russia is clearly misleading.

A rude awakening from Elon Musk The world’s richest man has positioned himself as Twitter’s savior, claiming he will bring free speech back to the social media platform in a hostile $43 billion takeover.But his tone has largely fallen on deaf ears because Skeptics doubt its seriousness Musk’s follow-up.

‘Grey resignation’ brings problems Nearly 70 percent of the 5 million people who have left the U.S. for work during the pandemic are over the age of 55. This may be a welcome development for young people, but it has already tightened the labor market, lower supply Experienced workers.

Japan’s ‘new capitalism’ is an uncompromising zeitgeist According to reports, the government is discussing reforms to ease the burden of quarterly reporting by listed companies. However, the true extent of any change is murky— The real purpose of these leaks Leo Lewis wrote that it was new Prime Minister Fumio Kishida against evil “short-termism”.

Best Business Books of April If you’re looking for reading material this Easter weekend, our Jobs & Careers team has chosen their favorite business books Released this month. These include advice from entrepreneurs and research on how flexible working can improve our lives and our cities.

gardening

Feel inspired by the changing seasons to try your hand at grow some vegetables• Two new books from Cinead McTernan and Mark Ridsdill Smith aim to guide city dwellers through the unique challenges of growing crops in concrete on small yards or balconies.