IMPACT OF RUSSIA'S WAR AGAINST UKRAINE ON OECDS

Syed Zain Abbasi, Aliza Falak, Tariq Aziz and Mansab Ali
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Syed Zain Abbasi: Department of Political Science, Bahauddin Zakariya University, Multan, Pakistan
Aliza Falak: Department of Political Science, Bahauddin Zakariya University, Multan, Pakistan
Tariq Aziz: Department of Economics Shah Abdul Lateef University, Khair Pur, Pakistan
Mansab Ali: Department of Economics, Bahauddin Zakariya University, Multan, Pakistan

Bulletin of Business and Economics (BBE), 2023, vol. 12, issue 2, 285-288

Abstract: Russia's conflict in Ukraine has far-reaching consequences for the other 38 nations that make up the Organization for Economic Co-operation and Development, all of which are examined in detail in this research paper (OECD). Using a quantitative and qualitative methodology, the research concludes that the war has had far-reaching effects on OECD countries. Reductions in trade between Russia and main European OECD nations, reduced GDP growth projections, and disruptions in energy supply and pricing are some of the most prominent economic repercussions identified. These monetary repercussions of the war have been quantitatively linked using regression analysis. For instance, in the months after the invasion, commerce between Russia and Germany, Poland, Italy, and France fell by 12 percent to 22 percent. Estimates for GDP growth across key European countries fell by 0.5% to 1.1%. Natural gas imports to OECD Europe fell by an average of 60% due to sanctions on Russia, leading to a 70% increase in prices. Despite the fact that the conflict has had different effects on different economies, the data shows that it has had a negative effect on trade, GDP, inflation, and energy security in OECD countries. The findings highlight the intricate interconnection of contemporary economies and the disruption that geopolitical conflicts may wreak on a global scale.

Keywords: Ukraine; Russia; War; OECD (search for similar items in EconPapers)
Date: 2023
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