The war in Ukraine is causing an enormous humanitarian crisis. More than 12 million people are estimated to have been displaced and more than 13 million need urgent humanitarian assistance. Ukraine's economy is being devastated. Trauma suffered by the population will have enduring consequences. The war is triggering global ripple effects through multiple channels, including commodity markets, trade, financial flows, displaced people, and market confidence. In the surrounding region, a large wave of refugees will put pressure on basic services. The damage to Russia's economy will weigh on remittance flows to many neighboring countries. Disruptions to regional supply chains and financial networks, as well as heightened investor risk perceptions, will weaken regional growth