The Russia-Ukraine war has begun to have an impact on the world economy

The Russia-Ukraine war has begun to have an impact on the world economy

The Russia-Ukraine war has begun to wreak havoc on the world economy. Rising prices of fuel oil and essential commodities.

The Russia-Ukraine war has begun to affect the world economy as well as the poorer countries. Due to the war, it will take more time for the supply of goods to return to normal in these two countries. Experts fear that the crisis will be more complicated.

War between the two countries, but its effects are now worldwide. Capital markets in Asia have collapsed following an attack on Ukraine's nuclear power plant, Geophoresia. Reuters reports that Japan's Nikkei index and Hong Kong's Hang Seng index have declined since the attack on Europe's largest nuclear power plant.

Russia's attack on Ukraine has affected the world's financial and energy sectors. Fuel oil prices have been rising for weeks. The price of crude oil has also risen in Asia after rising to 120 a barrel in the international market. Besides, the prices of natural gas and coal have started rising in the world market.

About 39 percent of Europe's electricity comes from fossil fuels, with Russia's major sources being oil and gas. Russia could lose some markets permanently if Europe increases its use of alternative fuels. Experts say that the ruble will fall in the country, inflation will rise further and the standard of living will decrease.

In addition, Russia and Ukraine are one of the world's leading food producers. According to S&T Global, Ukraine ranks first and Russia second in sunflower oil production. These two countries produce 60 percent of the world's sunflower oil.

JPMorgan estimates that Ukraine-Russia produces at least 28.9 percent of the world's wheat. However, the supply of goods has been suspended for the time being due to sanctions imposed on Russia by various countries and the Russian attack on Ukraine. As a result, the price of wheat has started rising.

At a time when the world was already in the throes of an inflation crisis, such wars are beginning to affect poor countries, said David Malpas, President of the World Bank in an interview with the BBC. He also said that it will take time to make up for the loss as there is no possibility of normal supply of goods.