War economic impact

The President of the World Bank has stated that the war in Ukraine is ‘a catastrophe’ for global economic growth. The economic impact of war stretches far beyond the devastation caused to the countries involved. Over and above the terrible human cost of war, both in terms of soldiers and civilians, the war in Ukraine came at a time when the global economy was already reeling from the COVID-19 pandemic and a general rise in inflation.  

Global energy prices have rocketed which in turn has had a knock-on effect on industry and manufacturing, which has been further aggravated by the difficulty in sourcing primary metallurgical materials such as iron and steel, as well as wood, coal and minerals. In particular, the agro industry has seen food prices spiralling causing tremendous difficulty to the already vulnerable poorer sections of society, who have already been hit hard by unemployment and who are now having to face the devastating consequences of inflation. 

That war destroys economies comes as no surprise. The European Economic Union, as well as Ukraine itself, was experiencing a long awaited, if moderate, upswing before the Russian invasion. Now Europe is having to deal with the reality of Ukraine unable to export 70% of its cargo due to seaport blockades and the destruction of industrial production plants. The war is also having an economic impact on the global tech world as Ukraine is one of the largest producers of neon. These are but a couple of examples of the economic devastation war brings in its wake. 

Therefore, it is safe to assume that war is never in any nations’ interests, and with Russia experiencing crippling economic embargoes and international sanctions, it is looking more and more likely that the war in Ukraine must end now or it risks becoming a painful war of attrition that will be in the interests of no-one. Armed conflict is always unpredictable, as history is littered with ‘blitzkrieg’ that ended up dragging on for years; therefore, the time has come where we have no choice left but to seize this moment and fight for peace through dialogue. We must use the pen and not the gun to create binding agreements; words and not war. 

This anachronistic war must end now.  We are too interconnected to allow our personal allegiances, political notions and emotions to prolong the war.  All sides are suffering in this conflict and the world has become too small not to learn from history. We must learn from past mistakes. We can no longer afford to pick and choose a side; rather, we must take action to end the war based on our shared humanity and global need rather than by following the lead of one nation. If we want to end this war then we must address the issues that have caused it fairly and impartially and if we want to secure a peace that is not poisoned by forced compromises then we must bring about reform of the outdated political systems that push for territorial gain rather than peaceful coexistence. 

The world has never been more in need of understanding among nations. It is imperative that we combine our efforts and take steps to resolve the issues that cause so much war and division in our world. If we can unite and educate our minds, our hearts and souls in a single vision of a fairer world then we could end the human torment, misery and economic disasters brought about by all wars not just the current Ukrainian conflict.  

We must push for dialogue because consensus among nations is no longer a choice, rather, it is essential for the survival of a humane civilisation. The world has become too small to choose a single allegiance and it is only through unity that we can overcome our differences and bring about a lasting peace. Not only in Ukraine but all over the globe. 

Leaders cannot not simply react to problems in an ad hoc way based on public opinion; they must create a long-term vision to end wars that is bigger than themselves, and that will continue long after they are gone. Only dialogue can end conflict and the needless hardship it brings to the world as a whole, in this era of global interconnectedness.