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Inflation and Energy Crisis under Ukraine Conflict
- 1 Jiangsu University of Science and Technology
* Author to whom correspondence should be addressed.
Abstract
The Western energy embargo and sanctions against Russia have disrupted the supply and demand structure of the global energy market, which has had a significant impact on it. The process of reorganizing the new market structure will be fraught with uncertainty. The invasion of Ukraine by Russia has disrupted supplies of basic goods worldwide, driven up prices, slowed trade, and reduced incomes. The hardest hurt are developing nations that rely heavily on imported food and energy. Although certain commodity exporters could be able to increase exports to take advantage of rising global prices, they could see a reorganization of their trade patterns, which would lead to a lesser integration into global value chains. Consumers around the world are suffering, with the most negative effects being seen by the most disadvantaged. Since the Russian-Ukrainian conflict, the world's economic order has been changed, this paper analyzes the economic indicators of the United States, Europe, and developing countries, describes the impact of the Russian-Ukrainian conflict on the energy crisis, inflation, and national industry, and people's living standards caused by the Russian-Ukrainian conflict on the United States, Europe, and developing countries, and the geo-strategic competition of major countries politicizes and securitizes energy trade, resulting in disorder in the global energy market and threatening global economic stability.
Keywords
energy price, inflation rate, global economy
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Cite this article
Chen,Q. (2023). Inflation and Energy Crisis under Ukraine Conflict. Advances in Economics, Management and Political Sciences,32,1-7.
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