The Repercussions of the Russian-Ukrainian Crisis on the Global Economy and the Labor Market

Abstract

The Russian-Ukrainian crisis represents a manifestation of the struggle between superpowers and decision-makers in the world. These powers have always sought to tighten their grip and control the implementation of the principle of dominance and expand their influence in their own interests. These powers differ depending on the competing poles of power, and this is currently reflected in the emerging conflict between Russia and Western countries over Ukraine, especially since it serves as the main gateway between them due to its economic and geopolitical importance. The Russian-Ukrainian crisis marks the beginning of a new Cold War, resulting in a global economic crisis and the risk of many individuals falling into poverty due to the key role played by both countries in the food and energy sectors. They are the backbone of the global economy, especially Ukraine as a producer of essential commodities and an effective trade, industrial, and political region, being directly and indirectly linked to food and energy. Therefore, the research aims to demonstrate the extent of the impact of the Russian-Ukrainian crisis on the global economy and the labor market. The research adopts a descriptive methodology to describe the reality and provide explanations and details by collecting various statistical information. The research has reached several important results, including:

• The Russian-Ukrainian crisis has a significant impact on the global economy through its key role in supplying several major markets accounting for30%of global wheat exports, 20% of corn and mineral fertilizers, natural gas, and 11% of oil.
• There is an increase in prices of food, fuel, and fertilizers, as well as higher poverty rates in many low-income countries.
• The Russian crisis in Ukraine has caused humanitarian crises, migration, and displacement of refugees to Europe.