Russia's invasion of Ukraine has both immediate and long term consequences both social, environmental as well economical. This is one of the crisis in recent times that have affected every regions of the world. For her immediate European neighbors, there's a likelihood that Russia may place an embargo on her supply of natural gas and nitrogen used in producing fertilizers. The US is also in this category of losing her consortium on the Russian gas supply.
For Africa, the Russia-Ukraine war has affected the supply of grains which is already scarce due to the shortage of nitrogen used in producing fertilizers. There has been a serious inflation in the prices of fertilizer and this will surely lead to shortage of food supplies for the whole Africa, which depends on Europe for grain supply.
Apart from the proposed embargo on gas supply to Western Europe and America's and the grain shortages in Africa, there's less bilateral relations going on around the world in recent times because the focus of the entire world is in Ukraine who is receiving a steady offensive airstrikes from Russia.
Commenting on the economic effects of the war and the subsequent covid lockdown going on in China, the entire world seems to be heading towards recession, depression and repression.
The lingering Russia-Ukraine war, coupled with effects of inflation have significantly worsened global growth prospects, according to the International Monetary Fund (IMF) which, on Tuesday, sliced its earlier global growth forecasts down to 3.4%.Source
Slice on the previously projected would growth is as a result of two things: food crisis affecting low income countries and the price of fuel all over the world due to Russia's monopoly of natural gas supply to Europe and America's.
Consequently, Global growth is now projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January.Source
Means that instead of the global growth rate curve to move upwards, it's actually moving downward with a projection that 2023 global growth rate will further reduce by 3.3%.
War-induced commodity price increases and broadening price pressures have led to 2022 inflation projections of 5.7 percent in advanced economies and 8.7 percent in emerging market and developing economies—1.8 and 2.8 percentage points higher than projected last January.Source
If this is the case, I think the world is heading towards recession if an urgent action is not taken to end Russia's military operations in Ukraine.
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