RUSSIAN-UKRAINIAN WAR AND THE GLOBAL ECONOMY
DOI:
https://doi.org/10.60787/aasd.vol4no1.110Keywords:
War, Global Economy, Financial Market, Commodity Market, Refugee Crisis.Abstract
This paper examined the aaftermath of the war between Russia and Ukraine on the world’s economy, assessinghow it has aaffected the growth of the economyy, international trade, global commodity markets and financial systems gglobally. The study was analyzed based on the Global Political Economy (GPE) framework using a Mixed-Methods Approach to eexplores the impact of the war economically. Major findings showed that the war impacted negatively on the world’s economy, especially in commodity markets. In addition, the war between Russia and Ukraine has sparked economic spill-overs that affect commodity and financial markets, trade, migration and the confidence of both investors and consumers. The findings recommend that the international community should support humanitarian efforts and get involved in the responsibility of providing for war-displaced refugees. The political backing for Ukraine has helped in the negotiation talks between Russia and Ukraine, especially in respect of NATO membership; it is equally important as it helps to assuage the invasion’s aftermath. If Russia is still bent on resisting the Ukraine membership in NATO, then they have no option than to accept Ukraine’s military empowerment for self-defense. Also, the accord to respect Ukraine’s sovereignty, in respect of the principles of non- interference, should bind Russia. On their part, the United States of America ought to recognize and appreciate the Eastern Europe as a region of strategic importance to Russia.It is expected that at the global level, policy makers should focus on targeted aid to countries that are vulnerable and embolden their social safety programs as well as avoid carrying out measures that are disruptive as a response to increasing prices of commodities.
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