Russia-Ukraine War's Effects on the World Economy

Authors

  • Naijing Liu
  • Yuannong Su

DOI:

https://doi.org/10.54097/td35qy81

Keywords:

Energy market; trade routes; uncertainty; global impact and inflation

Abstract

The persisting Russia-Ukraine tension has emerged as a pivotal disruptor within the global economic landscape. This protracted conflict has triggered far-reaching repercussions, casting its shadow across the entire international stage. Numerous countries have enacted a flurry of sanctions in reaction to the ongoing war between Russia and Ukraine, most notably the United States and the European Union. In the end, the conflict between Russia and Ukraine has changed energy prices, disrupted traditional trade routes, and generated widespread uncertainty in international markets. The underlying significance of this research lies in its exploration of the critical importance of stability and collaboration in an increasingly interconnected world economy. This article primarily discusses the start of the conflict and how the damage the conflict has produced on a local and global scale may be used to explain why trade routes have been disrupted and energy prices have increased. According to the report, the war has affected the energy system, commercial routes, and international markets, leading to general insecurity and negative economic effects.

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References

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Published

22-01-2024

How to Cite

Liu, N., & Su, Y. (2024). Russia-Ukraine War’s Effects on the World Economy. Highlights in Business, Economics and Management, 24, 1105-1113. https://doi.org/10.54097/td35qy81