Global Economic Effects Research Articles

The Impact of the Russian-Ukrainian War on the Global Economy

The most unexpected thing happened just as the globe was beginning to recover from the COVID - 19 pandemic and there was hope for the economy to be rebuilt. The Russian invasion of Ukraine on February 24, 2022, was seen by the entire globe. The day of the invasion saw a decline in stock values. Not just the economy of Russia and Ukraine suffered during the initial months of the invasion, many other nations also suffered greatly because of the conflict. Food prices increased dramatically worldwide because of the conflict between these two nations. The cost of food increased as well as there was an increase in the price of crude oil. Thus, resulting in Global inflation. Numerous European nations placed harsh sanctions on Russia to lessen the impact of the conflict. However, this did not create much of an impact since These sanctions had a serious impact on both the European nations and the nations that were not involved in the conflict. This resulted in a serious inflation issue that affected both combatant and noncombatant nations worldwide. This paper focuses on the global economic effect of the Russia and Ukraine war and how the actions of one country can create a serious impact on the globe.

Unraveling the global economic and mortality effects of rising urban heat island intensity

The increasing severity of urban heat island (UHI) effects poses a significant concern in cities, where to over half of the world's population lives. We examine the pattern of surface UHI intensity (SUHII) and its effect on urban economic productivity and mortality across 171 countries from 2003 to 2018. Countries with heavy industrial/manufacturing bases and higher income levels face more significant economic repercussions from SUHII. Males experience higher mortality rates under comparable SUHII conditions. A unit increase in GNI correlates to a 23.2 % rise in SUHII's effect on GDP and a 5.5 % increase in its effect on mortality rate. A higher Socio-Demographic Index mitigates SUHII's impact on urban GDP. Moreover, the Gini index directly impacts SUHII more than it affects SUHII-related mortality through inequality. Reducing income inequality by one unit will increase the enhancing effect of SUHII on the mortality rate by 11.8 %. Our findings reveal a significant link between wealth disparity and amplified health risks associated with SUHII, potentially leading to new forms of urban inequality. The study highlights the importance of development status and economic composition in facing UHI-related challenges and recommends equitable strategies for policymakers and urban planners to mitigate UHI effects in diverse developmental contexts.

Global economic effects of war‐induced agricultural export declines from Ukraine

AbstractThe war in Ukraine caused export disruptions that jeopardized the availability and affordability of agricultural and food products around the world. This research employs a computable general equilibrium modeling framework to understand the global economic effects of war‐induced agricultural export declines from Ukraine, given the inability to export through the Black Sea. Results show net global welfare losses ranging from more than $5 billion to nearly $20 billion depending on the success of transport through European Solidarity Lanes.

The power of mineral: Shock of the global supply chain from resource nationalism

State intervention has long affected the stability of the global mineral and raw material markets. Global energy transition has continued to boost demand for copper, lithium, cobalt, and nickel. It has exacerbated the global prevalence of resource nationalism. Research on resource nationalism has focused on the interaction of economic, political, cultural, and social elements within countries. The lack of understanding of the global economic effects of resource nationalism limits our flexibility in responding to upheavals in the global resource order. We combine time series counterfactual analysis and input–output modeling to advance our understanding of the worldwide supply chain effects of resource nationalism. We analyze the impacts of resource political behavior on global supply chains based on several representative episodes of resource nationalism. While major industrialized countries suffer more absolute welfare losses, formerly developed countries in the Global South face higher price effects. Moreover, nationalist resource shocks are not the only cause of welfare losses in the metals supply chain sector. Still, they are also harming various industries and groups, from food and energy to services. Such differences in price and welfare effects depend on the type of mineral and the resource power of the event-initiating country, on the one hand, and are influenced by the global industrial division of labor, on the other. More losses in developing countries come from the agricultural sector and primary manufacturing than from the severity of the losses suffered by the manufacturing and service sectors in industrial and rich countries. This is a reminder to pay more attention to the unequal distribution of economic pressures across countries and sectors in the global energy transition.

Bacteriophage therapy in the management of diabetic foot ulcer infections

AbstractThe global morbidity, mortality and health economic effects of treating patients with diabetic foot ulcer infections are rapidly growing and have been exacerbated by the problem of antimicrobial resistance. With the world on the cusp of entering the postantibiotic era, alternative antimicrobial strategies are urgently needed. Bacteriophage therapy has demonstrated safety, efficacy and cost‐effectiveness in treating patients with diabetic foot ulcer infections. This review seriously considers the use of bacteriophage therapy in the care of patients with diabetic foot ulcer infections.

Analysis of the Impact of RMB Appreciation on China's Economy

Due to the epidemic war and other causes, the global economic development effect is not good situation, China's economy still maintains a strong development momentum, so many countries for the appreciation of the renminbi began to sound, improve the exchange rate which is undoubtedly a very favorable situation for our country, so this article would like to think that the motivation of the appreciation of the renminbi and the impact of the analysis of the summary and generalization of the elaboration.

A Study of Global Trade War and Its Impact on Indian Economy

A Study of Global Trade War and Its Impact on Indian Economy

The spatial division of precarious labour across the European Union regions: A composite index analysis of the 2008/2009 global economic crisis effects and COVID-19 initial implications

The successive crises of the 21st century (2008/2009 global recession, COVID-19) have significantly affected the organisation of work and increased the flexibilisation and precarisation of labour, reflecting the changing needs of capital accumulation. Although employment reorganisation is unevenly distributed across space, the link between labour precarisation and cities or regions has not been studied in depth, with most research efforts focusing on the national scale. This article enriches the emerging literature for composite indices of labour market change by constructing an index of labour precarity at the regional scale. It estimates the very Flexible Contractual Arrangements Composite Index in the NUTS2 regions of the European Union from 2008 to 2020 to provide a comparative analysis of the impact of the global recession of 2008/2009 and the initial implications of COVID-19. The findings highlight a persistent division between peripheral and core regions. High precarity is a persistent feature of less developed regions, although it is also increasing significantly in urbanised, economically advanced regions. As found, the degree of labour precarity of a regional labour market is the complex result of national factors as well as regional characteristics such as specialisation, remoteness, path dependency, and local institutional practises and population dynamics.

Between saying and doing for ensuring energy resources supply: The case of Italy in time of crisis

In recent years, the number of countries affected by deep geopolitical crises has grown, with global economic effects and implications on energy. The ongoing Russia-Ukraine conflict has highlighted the energy security of supply problems that characterize the European Union, heavily dependent on imported fossil sources from Russia. Italy is still very dependent on foreign energy imports. In this framework, it is crucial to investigate how much issues related to energy security have been considered by Italian governments to protect country's economic interests. The aim of this paper is to analyze to what extent energy security issues have been addressed in Italian energy policies and what actions have been implemented, using a content analysis approach. We have analyzed the reports published by Italian energy authorities in the period 2000–2020. According to our findings, several actions have been undertaken to address security of supply in Italy. The country is trying to diversify its fossil fuel mix and suppliers, even if a higher coordination among policy intervention is required. Several indicators such as CO2 emissions and geographical origin of imports confirm the difficulty to substitute fossil fuels usage in economic activities. However, other indicators, such as renewable energy sources consumption and carbon intensity of industry consumption show a positive trend. The results obtained reveal useful insights into changing policy priorities in security of supply.

Tourism Industry Before and After the Pandemic Covid-19

Purpose: The purpose of this study is to investigate the Covid-19 pandemic's impact on different sectors, which in this case is the tourism industry Method: This study collects data from previous research from 2020 – 2022 and the recent statistical data gathered from the authorities' website sources to evaluate recent research on the impact of the Covid-19 pandemic on tourism sectors. Result: The global economic effects have forced significant adjustments in how firms may respond to and adapt to consumers' changing purchasing behaviors. That defines the tourism sector's decrease in the whole pandemic era before and after the COVID-19 pandemic. Contribution: With this research, we hope it can help the community understand this matter better and that people will also know about this matter and how to overcome it.

The Global Economic Effects of the Covid-19 Pandemic: A Bird’s-Eye View

The aim of the article is to provide a general, broad picture of the economic effects of the COVID-19 pandemic, without going into the details. The impact of the pandemic on economic growth was sharp, with sudden and deep decline, followed by complete and swift recovery. Both the supply and the demand side contributed to this dynamic, based on the same factors (morbidity and mortality, behavioural adjustments of individuals, and government pandemic control measures), although with quite distinctive mechanisms of impact. It was the uncertainty of both the supply– and demand-side economic agents that was decisive for the sudden drop in the level of economic activity. Macroeconomic policies, both monetary (quantitative easing) and fiscal (budgetary deficits) proved timely and prevented a global depression. In the aftermath, the side effects of these policies are substantial inflation, increased basic interest rates to counter that inflation, increased sovereign debt, and its threatened sustainability.

Gender Diversity in the Boardroom and Corporate Cash Holdings: The Moderating Effect of Investor Protection

This paper investigates whether gender diversity in the boardroom is associated with corporate cash holdings and whether investor protection moderates the effect of corporate board gender diversity on corporate cash holdings. Using 20,750 firm-year observations from 33 countries, our analyses show that firms with high levels of corporate board gender diversity exhibit low corporate cash holdings. Furthermore, firms in countries with high levels of investor protection have low corporate cash holdings. Moreover, the negative association between board gender diversity and corporate cash holdings is weaker in high-level investor protection countries than in low-level investor protection countries. Our results are robust to various specification tests, such as the endogeneity issue, weighted least-squares regression, the global economic crisis effect, alternative measures for corporate cash holdings, and various country-level institutional features. Taken together, the findings reveal that board gender diversity and investor protection have significant influences on corporate cash holdings. These findings have significant implications for politicians, governments, and regulators in devising policies relating to the United Nations Sustainable Development Goal (SDG Number 5) on achieving gender equality and women empowerment.

Global Sociopolitical and Economic Effects of the 2022 War between Ukraine & Russian Federation

Global Sociopolitical and Economic Effects of the 2022 War between Ukraine & Russian Federation

The Covid-19’s Impact on Stock Prices among Different Sectors - An Event Study Based on the Istanbul Stock Exchange Market

The Covid-19 pandemic has deeply affected our health and social life as well as the financial markets. Although the global economic effects of the coronavirus are not yet clear, it is observed that there is a reaction in the financial markets to the developments related to the pandemic. Studies show that the pandemic has strong impact on stock markets and increases uncertainty. The purpose of this study is to examine whether the stock prices of companies traded on the Istanbul Stock Exchange Market between 02.14.2019 and 04.01.2020 are affected by the Covid-19 pandemic. In this context, the stock prices of the six major sectors traded and thought to be affected in Istanbul Stock Exchange Market during the period examined were analyzed using the "event study" method of the effects of Corona virus. In the analysis, the event window was taken as (- 15, + 15) trading days. The effects of the Corona virus in the relevant period were examined separately for each company in the selected sectors, and after calculating the abnormal returns, the effect on the average abnormal returns and cumulative abnormal returns were analyzed. According to the research results; when the general picture of selected sectors in Covid-19 is examined, statistically significant negative average cumulative abnormal returns are obtained. According to these results, Istanbul Stock Exchange has affected by Covid-19 pandemic during the period under examination.

Suresh Narayanan Comments on The Global Macroeconomic Impacts of COVID-19: Seven Scenarios

Suresh Narayanan Comments on The Global Macroeconomic Impacts of COVID-19: Seven Scenarios

A Market Mechanism for Ensuring the Efficiency of Investment and Construction Projects

Aim . The presented study aims to formulate the methodological basis of a market mechanism for ensuring the efficiency of investment and construction projects in the context of negligible transaction costs. Tasks . The authors analyze the effect of the relationship between the subjects of an investment and construction project on its efficiency; examine the major groups of fundamental economic mechanisms for enabling integration cooperation between economic entities; describe the IPD approach as the methodological basis of a market mechanism for ensuring the efficiency of investment and construction projects; define the principles of formation of local and global maximum economic effects of investments at the stage of an investment and construction project; formulate the methodological foundations of an economic IPD partnership, which is viewed as a market mechanism for maximizing the integral effect of an investment and construction project. Methods . This study uses general scientific methods of cognition and the institutional approach, which considers the market, organizational, and government groups as the fundamental economic mechanisms for enabling integration cooperation between economic entities, to develop the economic fundamentals of the IPD approach as a methodological basis of a market mechanism for ensuring the efficiency of investment and construction projects. Results . During the implementation of investment and construction projects, the so-called mutual effects of independent entities arise when changes in the cost and/or duration of one stage of the project affect the quality of the results at another stage. The need to develop mechanisms for ensuring the integral efficiency of investment and construction projects by compensating for efficiency losses at each stage is substantiated. In the case of negligible transaction costs, the best such mechanism would be to establish voluntary agreements between the parties based on a market mechanism. In investment and construction management, IPD contracts serve as the instrument of such agreements. The authors develop a methodological basis for an economic IPD partnership by differentiating the subjects included in the IPD contract in correlation with their costs and results within the investment and construction process and by establishing the conditions for remuneration payments and internalization of "internal" externalities by types of subjects in the IPD project. Conclusions . Economic interaction modeled according to the presented methodology is meant to ensure a cognitive IPD partnership combining the knowledge, competencies, and interests of different subjects, experts and specialists, which in turn serves as one of the mechanisms for maximizing the integral effect of an investment and construction project. Having a common digital information space for the project is a modern prerequisite for a successful IPD partnership based on the presented model of economic interaction between subjects.

The Global Economic Effects of Pandemic Outbreak, COVID-19 in Malawi

On January 30, 2020 the World Health Organization declared COVID-19 that started in December 2019 a global pandemic. Since then COVID-19 has claimed 928,890 deaths as of 15 September, 2020. The outbreak of the novel coronavirus (COVID-19), has swiftly evolved and spread across all the countries in the world. The spread of the new coronavirus is a public health crisis that has posed a serious risk to the macroeconomy through the halt in production activities, interruptions of people’s movements and cut-off supply chains. On 2 April, 2020, the then president of the republic of Malawi, Prof. Arthur Peter Mutharika confirmed the first 3 cases of COVID-19 in the country. There are now 5,701 cases, 3,762 recoveries and 178 Deaths as of 15th September 2020.

Long-Term Health Consequences of COVID-19 Disease

The effects of novel coronavirus Severe Acute Respiratory Syndrome-CoV-2 outbreak until now have been dramatic on public health with widespread disruption of daily life and health care systems across the world. As we understand the new COVID-19 better, it is becoming apparent that the disease is far more complex. The extent and severity of the long-term health consequences remain uncertain, but emerging data suggest persistent, substantial morbidity of the population is likely. Long-term consequences are expected to have lasting physical, mental, and social health impact along with global economic effects.

Modern Pandemics: Recession and Recovery

We examine the immediate effects and bounce-back from six modern health crises: 1968 Flu, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016). Time-series models for a large cross-section of countries indicate that real GDP growth falls by around three percentage points in affected countries relative to unaffected countries in the year of the outbreak. Bounce-back in GDP growth is rapid, but output is still below pre-shock level five years later. Unemployment for less educated workers is higher and exhibits more persistence, and there is significantly greater persistence in female unemployment than male. The negative effects on GDP and unemployment are felt less in countries with larger first-year responses in government spending, especially on health care. Affected countries' consumption declines, investment drops sharply, and international trade plummets. Bounce-back in these expenditure categories is also rapid but not by enough to restore pre-shock trends. Furthermore, indirect effects on own-country GDP from affected trading partners are significant for both the initial GDP decline and the positive bounce back. We discuss why our estimates are a lower bound for the global economic effects of COVID-19 and compare contours of the current pandemic to the historical episodes.

Africa: COVID 19 and the Future of Economic Integration

As part of the Global agenda 2030 for sustainable development and agenda 2063 as Africa aspires to fulfill a major development objective, the current breed of African leaders after (re)democratization in the 1990s, have shown greater commitment to adopting and implementing decisions for regional/economic integration as a common strategy for the development of the continent. Thus, in 2018, 44 countries signed the African Continental Free Trade Area (AFCFTA) in Kigali.Nevertheless, the novel COVID19, since it revealed its ugly head has had disruptive impacts on world economy. Sub Saharan Africa also suffers from these global economic effects and thus, amidst COVID19, the region will see economic growth reverse and plunge to between -2.1% to as low as -5.1%.The economic shrinkage will cost Sub-Saharan Africa between $37 billion to $79 billion in lost output in 2020 due to a sharp decline in output growth. Therefore, can African countries achieve this development path of integrating their economies amidst the COVID19? What remain the prospects for Africa’s current commitment towards economic integration? Within this paper, I argue that, although and somewhat the future prospects for Africa’s economic integration remain uncertain and blur due to the destabilizing effects of the COVID19 on individual African economies; Yet, the sense of urgency of the current global crisis would translate into adding impetus to accelerate growth: first, an opportunity to re-think macro-economic policies; second, the COVID19 has further revealed the vulnerability of African economies and thus, will provide a strong signal to African leaders and significantly adding an incentive to initiating full and concrete measures to ensure economic integration.