The entire world is bracing for a perfect summer storm.

Last summer, the world began a historic recovery process following 18 months of Covid lockdowns and economic slump. Analysts predicted ‘unprecedented growth’ globally, perhaps prematurely. Then came 2022, and all those optimistic projections vanished with the first gunshot across the Ukrainian border. Today, all indications point to a long, hot summer.

The conflict in Ukraine rages on. It appears that we will have to wait a long time before the two sides are ready to stand down, most likely longer than we anticipated just a few weeks ago, Nato says. According to Nato Secretary General Jens Stoltenberg, we’re talking years.

Stoltenberg urged Nato members to increase and accelerate military assistance to Ukraine. He believes Ukraine must be able to push the Russian army out at any cost. “We must not abandon our support for Ukraine, even if the costs are high — not only in terms of military assistance, but also in terms of rising energy and food prices.”

Those prices will undoubtedly rise further. Economists predict that oil prices will soon reach $150 per barrel. The travel season has arrived, and demand is increasing as more countries lift Covid restrictions. And there is a very limited supply because the West has banned Russian oil sales and because Opec countries are unable to produce more. I will not participate.