War in Ukraine and World Economy

(opinion article)

Currently, most news articles around the world are devoted to Russia’s war with Ukraine. I will not stay aside, so I will analyze how the war in Ukraine affects the world economy and business in particular.

Unfortunately, mankind has not yet fully eliminated the effects of the crisis from the spread of code 19. And now the world is threatened by another catastrophic global crisis due to the war in Ukraine. Economists have estimated that the size of the world economy by 2023 could shrink by 1% to $ 1 trillion.

Prices in the energy market have already risen, as well as prices for grain and other agricultural products. In addition, Ukraine is the world’s largest exporter of sunflower oil (Russia – in the second place). Together, they produce up to 60% of the world’s sunflower oil. According to the Chicago Board of Trade, wheat prices have now reached a 14-year high. It is impossible to solve the food issue quickly, so prices will continue to rise.

The main problem concerns trade. Currently, Ukrainian ships are not able to export goods to other countries. Ukrainian bridges and roads are in a terrible state, and flights are impossible at all. Africa and Asia will suffer the most from rising world prices and food shortages.

But the main thing now is our victory. Only after Ukraine’s victory, surely, with the assistance of the world community, the world will be able to gradually recover its economy, stabilize inflation and switch to alternative energy sources instead of Russian oil and gas.

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