Analysis of the effects of the Russian-Ukrainian war On the global economy
Abstract
The research aimed to know the economic effects resulting from the Russian war on Ukraine, and to draw lessons from the results of the Russian war on Ukraine in the economic field. The research relied on both the inductive and deductive approaches, and the descriptive and historical approach was relied upon when reviewing the theoretical dimensions of the research. The research also used the method Analytical with regard to analyzing data on the Russian and Ukrainian economies and the global economy, as well as when analyzing the effects of the Russian-Ukrainian war on the global economy, through analyzing data issued by the competent authorities.
The research revealed the validity of the research hypothesis, as the Russian-Ukrainian war left negative effects on the Libyan, African, and global economies. The war in Ukraine already had repercussions on Libya’s import-dependent economy. Bread is a basic commodity, and the country imports more than 90% of its wheat, half of it from Ukraine and Russia, and the government subsidizes part of the wheat it imports. Since the outbreak of the conflict, wheat prices in local markets in Libya have risen significantly, forcing a number of bakeries to close. The global economy has also faced a number of challenges in light of the Russian war on Ukraine. It has declined. Global growth from 6% in 2021 to 3.2% in 2022, then 2.7% in 2023, due to the noticeable economic slowdown in the largest economies, as the United States’ gross domestic product contracted in the first half of 2022 and a contraction witnessed in the Eurozone in the first half of 2022. The second of 2022, and forecasts indicate that global inflation will rise from 4.7% in 2021 to 8.8% in 2022.
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