Several international economic organizations, such as the European Bank for Reconstruction and Development, the International Monetary Fund and the World Bank, drew attention on Friday to the “far-reaching” consequences of Russia’s invasion of Ukraine for the world economy, AFP reports.

In a joint press release, the organizations said they were “terrified and deeply concerned” and said they had met on Thursday to discuss the impact of the war in Ukraine on the world economy and their collective response to the crisis, according to Agerpres.

The signatory organizations, which have been joined by the European Investment Bank (EIB), stress that “beyond the devastating humanitarian catastrophe in Ukraine, the war is disrupting the livelihoods in the region and beyond.” According to these organizations, the crisis in Ukraine reduces the supply of energy and food, increases prices and poverty, which will affect the global recovery from the pandemic.

“The whole world economy will feel the effects of the crisis through slower growth, disrupted trade, accelerated inflation, especially affecting the poorest and most vulnerable,” the signatory organizations warn. Also “Ukraine’s neighboring countries will suffer disruptions to their trade, supply chains and remittances, as well as waves of refugees.”

The signatories recall the measures they have already taken: a €2 billion aid package from the EBRD, covering in particular energy and nuclear security, €668 million from the EIB, emergency assistance of $1.4 billion from the IMF and $925 million from the World Bank.