US Treasury Secretary Janet Yellen warned Thursday, the coronavirus pandemic and the Russia-Ukraine war pose risks of big economic shocks, with downturns “likely to continue to challenge the economy,” per AP News.

Key quotes

With “large negative shocks” inevitable, she said, policymakers have learned from the Great Recession that it’s imperative to exit economic downturns “as quickly as possible.”

“Countries will fare better if their economies are more resilient and less fragile.”

“Improved understanding of breaks in supply chains, increases in commodity prices, bursting of asset bubbles, and labor and productivity shocks can help policymakers implement reforms that bolster our economic resilience.”

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