Impact of Russia and Ukraine War on the Global Economy
DOI:
https://doi.org/10.47604/jir.1867Keywords:
Impact, Russia, Ukraine, War, Global, EconomyAbstract
Purpose: The study sought to investigate the impact of Russia and Ukraine war on the global economy.
Methodology: The study adopted a desktop methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.
Findings: The study concluded that wars and military conflicts drastically reduce the trade among adversaries via embargos or consumers' patriotism, however, after the cessation of immediate military threats and no tension predicted in the future, the trade will slowly recover. Moreover the current Russia Ukraine war is set to dramatically alter the trade of energy, oil, raw supplies and, components and raise the hesitancy of Western consumers. The increased imposition of sanctions has impacted the supply significantly. The opportunity cost of military investment, the humanitarian loss of the financial system, and the burden of repairing post-war damage are vast
Unique Contribution to Theory, Practice and Policy: The study was informed by relative n theory, future studies could benefit from this theory especially in other research context. The study recommended that, Ukraine needs an integrated approach in order to solve all economic and social problems in the country. Only integrated approach will allow to use available Ukrainian resources and advanced European experience to provide economic and social stability of the country.
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