The global economic crisis against the background of the war in Ukraine: Currant realities and prospects for overcoming
Keywords:
aggressor, crisis, economy, finances, food, poverty, war.
Abstract
The purpose of the article is to study the global economic crisis through the prism of the war in Ukraine, as well as to study the prospects to overcome it. The subject matter of the research is global economic crisis. Research methodology includes the use of general scientific and special methods of scientific knowledge, including dialectical, historical, qualitative and quantitative comparison, normative and dogmatic, method of factor and structural analysis, modelling and forecasting methods. Research results. The peculiarities of the term “economic crisis” are revealed and the authors’ definition of this concept is provided. National and international statistical studies related to the economic situation in Ukraine are considered. The legislative acts and resolutions on solving the problems of the economic crisis caused by the war, adopted by Ukraine, are analyzed. Practical implementation. It is determined how the war in Ukraine affects the economic system of all countries of the world. It is concluded that the war in Ukraine negatively affects inflation fluctuations and may cause and could increase poverty in Colombia. Value/ originality. It is concluded that the war in Ukraine can be the cause of global economic crisis. The measures that will contribute to overcoming rapid development of this negative phenomenon are proposed.
Downloads
Download data is not yet available.
References
Alsema, A. (2022). War in Ukraine causing surge in poverty in Colombia. Colombia Reports. https://colombiareports.com/war-in-ukraine-causing-surge-in-poverty-in-colombia-un/
Arbeláez-Campillo, D., Tatsiy, V., Rojas-Bahamón, M., & Danilyan, O. (2020). Contributions of critical thinking as a form of participation and political deliberation. Amazonia Investiga, 9(27), 5-12. https://doi.org/10.34069/AI/2020.27.03.1
Bilodid, I. (1973). Ukrainian Language Dictionary in 11 Volumes, Vol. 4. Kyiv: Scientific thought. http://sum.in.ua/s/kryza
Borrel, J. (2022). Russia’s invasion of Ukraine puts the global economy at risk. European Union. https://www.eeas.europa.eu/eeas/russia%E2%80%99s-invasion-ukraine-puts-global-economy-risk_en
Campos, R., & Nomiyama, C. (2022). Higher rates, slowing China, risks to Latam and Caribbean growth. REUTERS. https://www.reuters.com/business/higher-rates-slowing-china-risks-latam-caribbean-growth-imf-2022-04-26/
Chukhno, A. (2010). “The current financial and economic crisis: nature, ways and means to overcome”. Economics of Ukraine, 2, pp. 4-13.
DW (2022). Russia’s war against Ukraine. https://www.dw.com/uk/viina-rosii-proty-ukrainy/t-60899321
ECLAC (2022). Economic Survey of Latin America and the Caribbean 2022: Trends and challenges of investing for a sustainable and inclusive recovery. https://www.cepal.org/en/publications/48078-economic-survey-latin-america-and-caribbean-2022-trends-and-challenges-investing
Ellyatt, H. (2020). Don’t be under the illusion’ that an economic recovery will come quickly with a vaccine, UBS’ Weber says. CNBC. https://www.cnbc.com/2020/11/11/coronavirus-vaccine-doesnt-mean-a-quick-economic-recovery-ubs-weber.html
European Commission (2022). EU sanctions against Russia following the invasion of Ukraine. https://eu-solidarity-ukraine.ec.europa.eu/eu-sanctions-against-russia-following-invasion-ukraine_en
European Council (2022а). EU adopts package of sanctions in response to Russian recognition of the non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine and sending of troops into the region. https://acortar.link/IfNWJS
European Council (2022b). Russia’s military aggression against Ukraine: EU imposes sanctions against President Putin and Foreign Minister Lavrov and adopts wide ranging individual and economic sanctions. https://acortar.link/vC7pUe
Fischer, S., Dornbusch, R., & Schmalensee, R. (1988). Economics. New York City: McGraw-Hill Education. ISBN-10: 0071004343.
Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. International Relations and Security Network. https://www.files.ethz.ch/isn/125515/1366_keynestheoryofemployment.pdf
Kuruma, S. (1936). An Overview of Marx’s Theory of Crisis. Journal of the Ohara Institute for Social Research. https://www.marxists.org/archive/kuruma/crisis-overview.htm
Law of Ukraine No. 2135-IX. On the amendments to the Law of Ukraine “On the State Budget of Ukraine for 2022”, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 15, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2135-%D0%86%D0%A5#Text
Law of Ukraine No. 2143-IX. On the ratification of the Guarantee Agreement (Additional financing for combating COVID-19 within the Access to Long-Term Financing Project) between Ukraine and the International Bank for Reconstruction and Development, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 24, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2143-%D0%86%D0%A5#Text
Law of Ukraine No. 2257-ІХ. On making changes to some legislative acts of Ukraine regarding increasing the effectiveness of sanctions related to the assets of certain individuals, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, May 12, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2257-IX#Text
Ministry of Finance of Ukraine (2022a). Ukraine’s State Budget Financing Since the Beginning of the Full-scale War. https://mof.gov.ua/uk/news/ukraines_state_budget_financing_since_the_beginning_of_the_full-scale_war-3435.
Ministry of Finance of Ukraine (2022b). General Fund of State Budget Received UAH 101.3 billion of Revenues In May 2022. https://www.mof.gov.ua/en/news/u_travni_2022_r_do_zagalnogo_fondu_derzhavnogo_biudzhetu_nadiishlo_1013_mlrd_grn-3465
OECD (2022). The Price of War: OECD Economic Outlook. https://www.oecd.org/economic-outlook/
Ostapyshyn, Т. (2013). “Economic crises: essence, frequency of occurrence, duration and stages of their course”. Finances, Accounting and Audit, 1, pp. 113-120. URL: http://nbuv.gov.ua/UJRN/Foa_2013_1_16
Radio Svoboda (2021). Coronavirus and the global economy: crisis or recovery awaits financial systems, business and labor market in 2021. https://acortar.link/yZCrUI
Rail.insider (2022). More than 4 million tons of agricultural products were exported through the «grain Corridor». https://www.railinsider.com.ua/zernovym-korydorom-eksportovano-ponad-4-mln-t-agroprodukcziyi/
Resolution No. 2141-IX. On the Appeal of the Verkhovna Rada of Ukraine to the United Nations, the European Commission, the European Parliament, other international organizations and their parliamentary assemblies, the parliaments and governments of the European Union and NATO Member States, the parliaments and governments of the democratic States of the world regarding the necessity to take additional joint measures to stop the aggression of the russian federation against Ukraine and prevent the expansion of this aggression to other European countries, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 24, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2141-%D0%86%D0%A5#Text
Resolution No. 2185-ІХ. On the Adoption of the Draft Law of Ukraine on compensation for damage and destruction of the selected categories of immovable property as a result of hostilities, acts of terrorism, sabotage caused by the military aggression of the Russian Federation, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 24, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2185-IX#Text
Resolution No. 2288-ІХ. On the approval of proposals regarding the application of personal special economic and other restrictive measures (sanctions) to the representatives of the Russian Orthodox Church, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, May 31, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2288-IX#Text
Resolution No. 2329-ІХ. On the adoption of the Draft Law of Ukraine on Amendments to the Law of Ukraine “On the State Budget of Ukraine for 2022” regarding the financing of measures aimed at regulating relations on the natural gas market and in the field of heat management during the war and subsequent recovery, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, June 21, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2329-IX#Text
Resolution No. 2424-ІХ. On the formation of the Temporary Special Commission of the Verkhovna Rada of Ukraine on the issues of monitoring the receipt and use of international logistical assistance during martial law, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, July 19, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2329-IX#Text
Resolution No. 2478-ІХ. On the Formation of a Temporary Special Commission of the Verkhovna Rada of Ukraine for Preliminary Consideration of the Issues Regarding Violations of Legislation That Could Lead to Crisis Phenomena in the Energy Market of Ukraine on the Eve and During the Armed Aggression of the Russian Federation Against Ukraine, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, July 29, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2478-IX
Resolution No. 2496-ІХ. On the Address of the Verkhovna Rada of Ukraine to the European Union and the countries of the Group of Seven, as founders of the Financial Action Task Force on Money Laundering (FATF), regarding the strengthening of the fight against money laundering, including funds of criminal origin, with the financing of terrorism, with financial mechanisms used by the Russian Federation to avoid sanctions and continue the invasion of the territory of Ukraine, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, July 29, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2496-IX
Resolution No. 2504-ІХ. On the Appeal of the Verkhovna Rada of Ukraine to the members of the Financial Action Task Force on Money Laundering (FATF) regarding the exclusion of the Russian Federation from among FATF members and its inclusion in the list of high-risk countries, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, August 15, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2504-IX#Text
Spiethoff A. (1902). Preliminary Remarks on a Theory of Overproduction: Lecture given on December 17, 1901 at the State Scientific Association in Berlin. Berlin: Duncker & Humblot. [In German]
State Statistics Service of Ukraine (2022). Express Issue. https://ukrstat.gov.ua/express/expr2022/03/24.pdf
Sushchenko, О.А. (2015). “World globalization processes and transformation of foreign economic relations of enterprises”. Scientific Journal “Transactions of Kremenchuk Mykhailo Ostrohradskyi National University”, 3/2015 (92). Part 2, pp. 57 – 62. URL: http://www.kdu.edu.ua/PUBL/statti/2015_3_57_3-2015-2.pdf
The World Bank (2022). Europe and Central Asia Economic Update: the war in the region. https://www.worldbank.org/en/region/eca/publication/europe-and-central-asia-economic-update
Uhniva, S. (2022). Sowing under shelling. The state of affairs in the Ukrainian agricultural sector and its immediate prospects. НВ. https://biz.nv.ua/ukr/economics/posivna-v-ukrajini-2022-yak-agrosektor-pracyuye-pid-chas-viyni-v-ukrajini-novini-ukrajini-50237355.html
Ukrinform (2022). Kuleba told about the tasks of the Ukrainian delegation to the UN General Assembly. https://www.ukrinform.ua/amp/rubric-polytics/3575104-kuleba-rozpoviv-pro-zavdanna-ukrainskoi-delegacii-na-genasamblei-oon.html
UN (2022). Global impact of the war in Ukraine: Billions of people face the greatest cost-of-living crisis in a generation. https://reliefweb.int/report/world/global-impact-war-ukraine-billions-people-face-greatest-cost-living-crisis-generation
World Food Program (2022). A global food crisis. https://www.wfp.org/global-hunger-crisis
World Trade Organization (2022). Russia-Ukraine conflict puts fragile global trade recovery at risk. URL: https://www.wto.org/english/news_e/pres22_e/pr902_e.htm
Yudina, T. (2022). The number of enterprises that completely stopped their activities in Ukraine decreased to 17%. UNN. https://www.unn.com.ua/uk/news/1975780-v-ukrayini-kilkist-pidpriyemstv-scho-povnistyu-zupinili-svoyu-diyalnist-skorotilasya-do-17
Zhyrii, K. (2022). The economic crisis is in full swing: how Ukrainians survive in difficult times. UNIAN. https://www.unian.ua/economics/finance/ekonomichna-kriza-v-rozpali-yak-ukrajincyam-vizhiti-v-skrutni-chasi-novini-ukrajina-11919129.html
Arbeláez-Campillo, D., Tatsiy, V., Rojas-Bahamón, M., & Danilyan, O. (2020). Contributions of critical thinking as a form of participation and political deliberation. Amazonia Investiga, 9(27), 5-12. https://doi.org/10.34069/AI/2020.27.03.1
Bilodid, I. (1973). Ukrainian Language Dictionary in 11 Volumes, Vol. 4. Kyiv: Scientific thought. http://sum.in.ua/s/kryza
Borrel, J. (2022). Russia’s invasion of Ukraine puts the global economy at risk. European Union. https://www.eeas.europa.eu/eeas/russia%E2%80%99s-invasion-ukraine-puts-global-economy-risk_en
Campos, R., & Nomiyama, C. (2022). Higher rates, slowing China, risks to Latam and Caribbean growth. REUTERS. https://www.reuters.com/business/higher-rates-slowing-china-risks-latam-caribbean-growth-imf-2022-04-26/
Chukhno, A. (2010). “The current financial and economic crisis: nature, ways and means to overcome”. Economics of Ukraine, 2, pp. 4-13.
DW (2022). Russia’s war against Ukraine. https://www.dw.com/uk/viina-rosii-proty-ukrainy/t-60899321
ECLAC (2022). Economic Survey of Latin America and the Caribbean 2022: Trends and challenges of investing for a sustainable and inclusive recovery. https://www.cepal.org/en/publications/48078-economic-survey-latin-america-and-caribbean-2022-trends-and-challenges-investing
Ellyatt, H. (2020). Don’t be under the illusion’ that an economic recovery will come quickly with a vaccine, UBS’ Weber says. CNBC. https://www.cnbc.com/2020/11/11/coronavirus-vaccine-doesnt-mean-a-quick-economic-recovery-ubs-weber.html
European Commission (2022). EU sanctions against Russia following the invasion of Ukraine. https://eu-solidarity-ukraine.ec.europa.eu/eu-sanctions-against-russia-following-invasion-ukraine_en
European Council (2022а). EU adopts package of sanctions in response to Russian recognition of the non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine and sending of troops into the region. https://acortar.link/IfNWJS
European Council (2022b). Russia’s military aggression against Ukraine: EU imposes sanctions against President Putin and Foreign Minister Lavrov and adopts wide ranging individual and economic sanctions. https://acortar.link/vC7pUe
Fischer, S., Dornbusch, R., & Schmalensee, R. (1988). Economics. New York City: McGraw-Hill Education. ISBN-10: 0071004343.
Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. International Relations and Security Network. https://www.files.ethz.ch/isn/125515/1366_keynestheoryofemployment.pdf
Kuruma, S. (1936). An Overview of Marx’s Theory of Crisis. Journal of the Ohara Institute for Social Research. https://www.marxists.org/archive/kuruma/crisis-overview.htm
Law of Ukraine No. 2135-IX. On the amendments to the Law of Ukraine “On the State Budget of Ukraine for 2022”, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 15, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2135-%D0%86%D0%A5#Text
Law of Ukraine No. 2143-IX. On the ratification of the Guarantee Agreement (Additional financing for combating COVID-19 within the Access to Long-Term Financing Project) between Ukraine and the International Bank for Reconstruction and Development, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 24, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2143-%D0%86%D0%A5#Text
Law of Ukraine No. 2257-ІХ. On making changes to some legislative acts of Ukraine regarding increasing the effectiveness of sanctions related to the assets of certain individuals, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, May 12, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2257-IX#Text
Ministry of Finance of Ukraine (2022a). Ukraine’s State Budget Financing Since the Beginning of the Full-scale War. https://mof.gov.ua/uk/news/ukraines_state_budget_financing_since_the_beginning_of_the_full-scale_war-3435.
Ministry of Finance of Ukraine (2022b). General Fund of State Budget Received UAH 101.3 billion of Revenues In May 2022. https://www.mof.gov.ua/en/news/u_travni_2022_r_do_zagalnogo_fondu_derzhavnogo_biudzhetu_nadiishlo_1013_mlrd_grn-3465
OECD (2022). The Price of War: OECD Economic Outlook. https://www.oecd.org/economic-outlook/
Ostapyshyn, Т. (2013). “Economic crises: essence, frequency of occurrence, duration and stages of their course”. Finances, Accounting and Audit, 1, pp. 113-120. URL: http://nbuv.gov.ua/UJRN/Foa_2013_1_16
Radio Svoboda (2021). Coronavirus and the global economy: crisis or recovery awaits financial systems, business and labor market in 2021. https://acortar.link/yZCrUI
Rail.insider (2022). More than 4 million tons of agricultural products were exported through the «grain Corridor». https://www.railinsider.com.ua/zernovym-korydorom-eksportovano-ponad-4-mln-t-agroprodukcziyi/
Resolution No. 2141-IX. On the Appeal of the Verkhovna Rada of Ukraine to the United Nations, the European Commission, the European Parliament, other international organizations and their parliamentary assemblies, the parliaments and governments of the European Union and NATO Member States, the parliaments and governments of the democratic States of the world regarding the necessity to take additional joint measures to stop the aggression of the russian federation against Ukraine and prevent the expansion of this aggression to other European countries, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 24, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2141-%D0%86%D0%A5#Text
Resolution No. 2185-ІХ. On the Adoption of the Draft Law of Ukraine on compensation for damage and destruction of the selected categories of immovable property as a result of hostilities, acts of terrorism, sabotage caused by the military aggression of the Russian Federation, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, March 24, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2185-IX#Text
Resolution No. 2288-ІХ. On the approval of proposals regarding the application of personal special economic and other restrictive measures (sanctions) to the representatives of the Russian Orthodox Church, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, May 31, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2288-IX#Text
Resolution No. 2329-ІХ. On the adoption of the Draft Law of Ukraine on Amendments to the Law of Ukraine “On the State Budget of Ukraine for 2022” regarding the financing of measures aimed at regulating relations on the natural gas market and in the field of heat management during the war and subsequent recovery, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, June 21, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2329-IX#Text
Resolution No. 2424-ІХ. On the formation of the Temporary Special Commission of the Verkhovna Rada of Ukraine on the issues of monitoring the receipt and use of international logistical assistance during martial law, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, July 19, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2329-IX#Text
Resolution No. 2478-ІХ. On the Formation of a Temporary Special Commission of the Verkhovna Rada of Ukraine for Preliminary Consideration of the Issues Regarding Violations of Legislation That Could Lead to Crisis Phenomena in the Energy Market of Ukraine on the Eve and During the Armed Aggression of the Russian Federation Against Ukraine, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, July 29, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2478-IX
Resolution No. 2496-ІХ. On the Address of the Verkhovna Rada of Ukraine to the European Union and the countries of the Group of Seven, as founders of the Financial Action Task Force on Money Laundering (FATF), regarding the strengthening of the fight against money laundering, including funds of criminal origin, with the financing of terrorism, with financial mechanisms used by the Russian Federation to avoid sanctions and continue the invasion of the territory of Ukraine, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, July 29, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2496-IX
Resolution No. 2504-ІХ. On the Appeal of the Verkhovna Rada of Ukraine to the members of the Financial Action Task Force on Money Laundering (FATF) regarding the exclusion of the Russian Federation from among FATF members and its inclusion in the list of high-risk countries, Bulletin of the Verkhovna Rada of Ukraine, Kyiv, Ukraine, August 15, 2022. Recovered from https://zakon.rada.gov.ua/laws/show/2504-IX#Text
Spiethoff A. (1902). Preliminary Remarks on a Theory of Overproduction: Lecture given on December 17, 1901 at the State Scientific Association in Berlin. Berlin: Duncker & Humblot. [In German]
State Statistics Service of Ukraine (2022). Express Issue. https://ukrstat.gov.ua/express/expr2022/03/24.pdf
Sushchenko, О.А. (2015). “World globalization processes and transformation of foreign economic relations of enterprises”. Scientific Journal “Transactions of Kremenchuk Mykhailo Ostrohradskyi National University”, 3/2015 (92). Part 2, pp. 57 – 62. URL: http://www.kdu.edu.ua/PUBL/statti/2015_3_57_3-2015-2.pdf
The World Bank (2022). Europe and Central Asia Economic Update: the war in the region. https://www.worldbank.org/en/region/eca/publication/europe-and-central-asia-economic-update
Uhniva, S. (2022). Sowing under shelling. The state of affairs in the Ukrainian agricultural sector and its immediate prospects. НВ. https://biz.nv.ua/ukr/economics/posivna-v-ukrajini-2022-yak-agrosektor-pracyuye-pid-chas-viyni-v-ukrajini-novini-ukrajini-50237355.html
Ukrinform (2022). Kuleba told about the tasks of the Ukrainian delegation to the UN General Assembly. https://www.ukrinform.ua/amp/rubric-polytics/3575104-kuleba-rozpoviv-pro-zavdanna-ukrainskoi-delegacii-na-genasamblei-oon.html
UN (2022). Global impact of the war in Ukraine: Billions of people face the greatest cost-of-living crisis in a generation. https://reliefweb.int/report/world/global-impact-war-ukraine-billions-people-face-greatest-cost-living-crisis-generation
World Food Program (2022). A global food crisis. https://www.wfp.org/global-hunger-crisis
World Trade Organization (2022). Russia-Ukraine conflict puts fragile global trade recovery at risk. URL: https://www.wto.org/english/news_e/pres22_e/pr902_e.htm
Yudina, T. (2022). The number of enterprises that completely stopped their activities in Ukraine decreased to 17%. UNN. https://www.unn.com.ua/uk/news/1975780-v-ukrayini-kilkist-pidpriyemstv-scho-povnistyu-zupinili-svoyu-diyalnist-skorotilasya-do-17
Zhyrii, K. (2022). The economic crisis is in full swing: how Ukrainians survive in difficult times. UNIAN. https://www.unian.ua/economics/finance/ekonomichna-kriza-v-rozpali-yak-ukrajincyam-vizhiti-v-skrutni-chasi-novini-ukrajina-11919129.html
Published
2022-12-15
How to Cite
Musiienko, O., Kapustnyk, V., Arbeláez-Encarnación, T. F., Rojas-Bahamón, M. J., & Arbeláez-Campillo, D. F. (2022). The global economic crisis against the background of the war in Ukraine: Currant realities and prospects for overcoming. Amazonia Investiga, 11(59), 141-150. https://doi.org/10.34069/AI/2022.59.11.13
Issue
Section
Articles
.gif)
