A year into the Russia-Ukraine war, the world is facing an unprecedented financial crisis. Although it has not reached a recession, inflation and inflation have already hit many countries hard. Unemployment is also high. Inflation, price hikes, food shortages… this is what the Russia-Ukraine war has left after a year. Exports of natural gas and petroleum products from Russia have significantly decreased following the sanctions, which is the main cause of the crisis. Fuel shortages have caused their prices to skyrocket. Due to this, inflation has skyrocketed all over the world.
Countries including the United States and Britain have continuously raised interest rates to contain inflation, making people’s lives more difficult. Inflation also intensified. Cessation of grain exports from Russia and Ukraine exacerbated food shortages in Africa, Central Asia and Europe. Fertilizer exports from Russia have affected at least the global agricultural sector. In the years to come, its damage will be stronger.
The economic crisis during the recovery from Covid has also exacerbated unemployment. All the big tech companies in the world are laying off employees en masse. According to the report released by the agency in Germany, the war caused a loss of 1.3 trillion dollars to the world economy. If the war continues, the damage will be beyond imagination.
One year after the Ukraine war, the world is in an unprecedented financial crisis