Increasing Inflation and Economic Recovery
The Russian-Ukrainian war made the situation even more complex. Russia and Ukraine, both major producers of mining and agricultural commodities,
This photo illustration taken in Melbourne on February 25, 2022 shows front pages of newspapers reporting on the Russian invasion of Ukraine.
The world economy is facing a complicated problem. On the one hand, there is hope that the economic recovery will continue as the crisis due to the Covid-19 pandemic has begun to subside. On the other hand, there is a risk from the increasing food and energy prices (inflation) which will, in turn, have a negative impact on poor countries and disadvantaged communities in developing countries.
The Russian-Ukrainian war made the situation even more complex. Russia and Ukraine, both major producers of mining and agricultural commodities, cannot ship their products, which are desperately needed by European countries. As a result, the prices of mining and agricultural commodities continue to increase.