THE IMPACT OF THE RUSSIAN INVASION OF UKRAINE ON THE ECONOMIC STRENGTH OF UKRAINE
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- NGN 3000
ABSTRACT
This study was carried out to examine the the impact of the Russian invasion of Ukraine on the economic strength of Ukraine . Specifically, the study examined the economic strength of Ukraine since its independence in 1991. the study also evaluate the contribution of Russia to the economic strength of Ukraine. Lastly, the study investigate the impact of Russian attack on Ukrainian economy. The study adopted the historical analysis. The findings revealed that Russia’s invasion of Ukraine has sparked the worst conflict in Europe since the Balkan wars of the 1990s. It will cause untold human suffering, destruction of infrastructure, and economic and financial damage. Many people will die, but the lives of millions more will be changed forever. There is so much uncertainty and so many contingencies that forecasting is extremely difficult. But the fact that Russian President Vladimir Putin has committed himself to this war of aggression, and seems unable to back down, indicates that in practice there are only really two ways this can go: either something like a New Cold War, or regime change in Russia. Today, the first seems more likely than the second. In this study, we have seen that the economic and financial consequences for Europe will be profound. The economies of Russia and Ukraine will suffer by far the most. Ukraine’s economy will shrink badly, a large part of its infrastructure will be destroyed and millions of people will leave the country. Russia will suffer a major recession and a sharp increase in inflation, and there will be a severe drop in living standards. The study thereby recommend that the European Union and the United Nations should endeavor not to be biased against one party at the detriment of the other party involved in other for the economic implication of the war on the Ukraine economy not to be too complex.
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