Igor Burakovsky about how the Russian war against Ukraine affected the world economy
Russian aggression against Ukraine has influenced deeply the European and world economy. That is why helping Ukraine and ensuring its post-war recovery are in the interest of world communities.
It was said by the head of the IER Igor Burakovsky within the framework of the project “Ukraine in Flames”.
According to the expert, Russian aggression impacts world economics in a straightforward way. The war effects are multiple: slowing down post-Covid economic recovery, speeding up inflation pressure, food and energy prices growth, tumor in financial and commodities markets, and ecological crisis.
More specifically, one of the most significant problems is the reduction of food supply and growth of food prices. In recent years, nearly half of Ukrainian wheat exports have gone to northern Africa and the Middle East. Many governments in the region have traditionally subsidised purchases for millions of their citizens. Today there is a real danger that due to the war, the world wheat supply to the region will be interrupted.