The International Monetary Fund (IMF) has said the war’s impact on the global economy will depend on how long it lasts and how much damage there is to infrastructure and industries in the region, reports Reuters.

A particular concern is whether an energy price spike will be short-lived or more persistent, the IMF said.

IMF First Deputy Managing Director Dan Katz told the Milken Institute Future of Finance conference in Washington that the conflict “certainly has the potential to be very impactful on the global economy across a range of metrics, whether it’s inflation, growth and so on.”

The IMF will be looking at the physical damage to infrastructure, impact on tourism, air travel, and energy production facilities.