The Impact of the Russia-Ukraine War on the European Economy

Luoyan Chen ()
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Luoyan Chen: University of Liverpool

A chapter in Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), 2022, pp 619-626 from Springer

Abstract: Abstract War is detrimental to physical and human capital, but its effect on per capita GDP is uncertain. War has the potential to increase GDP per capita by reducing unemployment and redeploying persons from the home and other non-market activities into industrial activity. In regard to this paper, the following questions have been addressed; (1) How has the impact of the Russia-Ukraine war affected the European economy? (2) Have government’s interventions played any part in reducing the impact associated with dwindling commodities? And (3) What possible interventional measures can help the Europe to absorb the economic impacts of regional conflicts? In order to better understand the effects of the war between Russia and Ukraine, a method of secondary research was utilized. Qualitative information is collected online in a number of different documents, and government websites. The quantitative data is collected through nonprofit organizations, and third-party corporations. This paper demonstrates that war reduces GDP per capita by restricting local and international trading benefits. There are three main components to consider when calculating the cost of war: the loss of life and damage to physical and human capital caused by the conflict, as well as the decline in per capita GDP as a direct result of the conflict.

Keywords: Russia-Ukraine; Europe; Geopolitics; Economy; Inflation (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-052-7_72

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DOI: 10.2991/978-94-6463-052-7_72

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