STUDY GUIDE

JBCN Senior MUN

ECOFIN
Agenda: “Economic Crises with special emphasis
on contemporary military conflicts.”

Director: Rajveer Agrawal

Assistant Director: Aashvi Gala
1
1 Study guide: JBCN Senior MUN

table of
CONTENTS
2 Table of contents
3 Letter from the EB
4 Introduction to ECOFIN
6 History of the Agenda
8 Current Situation
11 Deglobalization Risk
13 Case Study #1
15 Case Study #2
17 Case Study #3
20 Major Countries involved
29 UN/ International Actions
31 Key Terms
32 Guiding Questions
33 Suggested Moderated Caucus Topics
34 QARMA (Questions a Resolution Must
Answer)
36 Citations

2 o
 Letter from the
Director
Greetings Delegates,
Hello and welcome to the Economic and Financial Council. I am your director,
Rajveer Agrawal, and I am very excited you chose to be a part of this fun, fast-
paced committee. The Economic and Financial Committee is a great opportunity
to refine your MUN skills, advance your diplomacy tactics, and make outstanding
resolutions. As a former delegate of the ECOFIN and The World Bank, I can safely
say that this committee is one of the best committees, if not the, best committee.
You will be able to see another side of diplomacy, doing more than suggesting
meaningful changes. Here you will be debating, diplomating, solving, and
protecting the economy of the world. For the seventh iteration of JBCN Senior
School MUN, we will be joined by our amazing assistant director Aashvi Gala, who
is intensively diplomatic and experienced. Aashvi and I are more than ready to
give you the best possible conference experience we can. With such diverse
viewpoints, I am hopeful that some useful comments will be raised in committee to
address potential barriers to work prospects. While you are required to give
speeches and compose paperwork during the conference, the world of MUNs may
be quite intimidating to a first-timer or someone who is still getting into the MUN
rhythm. As your director, you can approach me via the email provided for any
questions that may arise. This conference will be a delightful experience that will
mold you into a more confident and competent version of yourself. The committee
will be fruitful and entertaining at all times, with a balance of heated 2v2s (don't
we all love them?), speeches, and unmod’s. I hope to hear all of your enthusiastic
speeches and moderate the committee as all delegates present their arguments
based on your extensive research. On behalf of this outstanding, and best, dias
team I would like to welcome you to the Economic and Financial Council at
J.B.C.N Senior School Model UN 2023!

See you soon,

Rajveer Agrawal 3
3
 Introduction
to ECOFIN
The Economic and Financial Council (ECOFIN) stands as one of the six major
organs of the United Nations, wielding an impact on worldwide economic
regulations, financial stability, and improvement. As a foremost committee,
ECOFIN gathers representatives from member states to talk about, negotiate, and
formulate solutions to pressing economic challenges that go beyond countrywide
obstacles. With its comprehensive mandate, ECOFIN plays a fundamental role in
shaping the worldwide monetary panorama, ensuring sustainable increase,
promoting economic cooperation, and addressing disparities in wealth
distribution. The primary goal of ECOFIN is to foster international economic
cooperation, bolster economic balance, and facilitate inclusive financial
improvement among countries. This council tackles a wide range of financial and
economic subjects, encompassing both macroeconomic policies and
microeconomic issues that affect the world economic system as a whole. ECOFIN
delves into macroeconomic rules, encompassing monetary, economic, and
alternate fee guidelines that form the financial trajectories of nations. It aims to
coordinate these guidelines to obtain worldwide monetary balance, cut back
inflation, and sell sustainable growth. Addressing troubles of international trade,
marketplace rights of entry, and development finance, ECOFIN seeks to foster
equitable change among family members in countries. This entails enhancing
market right of entry for developing economies, tackling trade imbalances, and
promoting honest change practices. ECOFIN is deeply engaged in discussions
associated with development financing, which includes aid, debt alleviation, and
progressive financing mechanisms. The council endeavors to channel assets in the
direction of projects that sell sustainable development and poverty eradication.
The council examines the shape of the worldwide financial system, global
economic institutions, and mechanisms to prevent and manipulate financial crises.
ECOFIN strives to decorate the resilience of the international economic system to
shield against ability shocks. ECOFIN addresses issues related to international
taxation, preventing tax evasion, and selling fiscal transparency. 3
4
The council seeks to set up fair and effective taxation structures that
prevent illicit monetary flows and assist countrywide revenue generation.
ECOFIN performs an essential function in aligning economic regulations with
the United Nations' Sustainable Development Goals. It encourages member
states to integrate the SDGs into their country-wide economic techniques,
promoting a holistic technique to improvement. ECOFIN confronts rising
global economic demanding situations together with technological
advancements, weather exchange influences, demographic shifts, and
geopolitical tensions. It seeks to pick out ways to mitigate these challenges
and capitalize on possibilities. As you embark on your Model UN adventure
and engage in the deliberations of the Economic and Financial Council,
keep in mind that ECOFIN is at the leading edge of shaping the global
economic narrative. Delegates in this committee have the particular
obligation of formulating revolutionary answers to difficult monetary puzzles,
all whilst representing the diverse pursuits of member states. By delving into
the complexities of financial interdependence and policy coordination, you
will benefit from deeper expertise of ways worldwide cooperation can pave
the way for a more equitable and prosperous international.

5
 History of
the Agenda
The annals of history bear witness to the tricky and regularly calamitous relationship
between army conflicts and economic crises. Throughout the 20th and 21st
centuries, a tapestry of global occasions has woven a story of economic downturns,
aid depletion, and fiscal instability spurred via present-day military conflicts. From
the cataclysmic upheavals of World War I to the complicated geopolitical
landscapes of the present day, the convergence of armed strife and economic
turmoil has yielded profound results for nations and regions alike. The early 20th
century marked a turning factor as the arena plunged into the throes of World War I,
a war that reshaped the geopolitical panorama and irrevocably altered monetary
trajectories. The conflict's voracious appetite for assets strained economies, mainly
due to shortages of essential items and skyrocketing inflation. The warfare effort
tired treasuries and brought about expanded borrowing, growing a legacy of debt
that might haunt nations long after the battles ceased. As the Treaty of Versailles
imposed heavy reparations on Germany, the seeds of financial instability were sown,
contributing to the conditions that culminated in the Great Depression of the
nineteen-thirties. The tempestuous years of the 20th century persisted to bear
witness to the interplay between battle and financial upheaval. World War II, an
exceptional international conflagration, similarly underscored the difficult hyperlink
between militarism and economic repercussions. Nations throughout Europe and
Asia saw their economies ravaged by way of the war's devastation. Massive GDP
contractions, infrastructure damage, and lack of human capital created lasting
scars on monetary landscapes. The Marshall Plan, a landmark post-battle initiative,
stood as a testimony to the popularity that peace and prosperity were intrinsically
connected, catalyzing massive financial aid to rebuild struggle-torn nations and
stabilize the worldwide economic system. Moving into the cutting-edge era, modern
navy conflicts have exhibited a complex interplay of monetary intricacies. The
protracted conflicts in the Middle East, epitomized by the Syrian Civil War, have
unleashed multifaceted financial crises. 3
6
Infrastructure harm, displacement, and disruptions to crucial sectors have
led to amazing monetary contractions. The World Bank's grim assessment
of Syria's financial system contracting with the aid of over 60% at some point of
the struggle underscores the dimensions of monetary devastation wrought
through battle. Moreover, the ripple outcomes of such crises increase beyond
borders, impacting neighboring economies through exchange disruptions,
refugee influxes, and security worries. The worldwide level additionally
witnesses conflicts in Ukraine, the consequences of which reverberate
economically. The annexation of Crimea and the ongoing warfare in Eastern
Ukraine have caused monetary sanctions, alternate disruptions, and wavering
investor confidence. These occasions showcase how regional stability may be
undermined via cutting-edge army conflicts, with some distance-accomplishing
economic implications. In the twenty-first century, the fee of battle has
continued to amplify. The Stockholm International Peace Research Institute
(SIPRI) mentioned international military fees reached nearly $2 trillion in 2020.
As countries allocate vast resources to defense, crucial sectors like healthcare,
schooling, and infrastructure often endure the brunt of neglect. Resource
diversion and strained financial capacities have ramifications for sustainable
development and social progress. The history of monetary crises because of
present-day army conflicts is a stark reminder of the inseparable courting
between peace and prosperity. The complex net of world economies
underscores how the destabilizing consequences of struggle can result in far-
reaching outcomes, with ramifications spanning generations. From the ashes of
World War II emerged classes of global cooperation and reconstruction,
supplying a glimmer of wish that through collaborative efforts, international
locations can mitigate the financial scars left with the aid of struggle. In the
hallowed halls of diplomacy and policy formulation, the instructions of history
serve as a guiding beacon, urging leaders to craft techniques that not simplest
prevent armed strife but also safeguard monetary balance and sell shared
prosperity on an international scale

7 4
 Current
Situation
In the tricky internet of the worldwide economic system, the tricky relationship
between present-day army conflicts and financial crises presents a complicated
tableau of interconnected factors and effects. As we delve further into the
modern-day scenario of economic crises globally, with a particular focus on the
inflation fees stemming from present-day military conflicts, we should dissect the
multifaceted dynamics that contribute to this phenomenon. One of the important
things for individuals to deal with inflationary pressures is the disruption of
exchange flows. Military conflicts frequently bring about the imposition of
sanctions and exchange regulations, disrupting the clean movement of goods
throughout borders. This disruption can result in shortages of vital commodities, as
supply chains are disrupted and entry to certain goods becomes restrained. The
scarcity of products, coupled with regular demand, triggers fee hikes, similarly
exacerbating inflation. The instance of sanctions towards Russia because of the
war in Ukraine demonstrates how change disruptions can result in inflation. The
regulations on imports and exports distort markets, affecting no longer the most
effective on-the-spot participants in the war but also their buying and selling
partners, creating a ripple effect of inflationary pressures. Currency depreciation
is another vast issue that amplifies inflation at some stage in modern navy crises.
As conflicts spread, monetary uncertainty mounted, causing traders to lose self-
assurance within the affected kingdom's foreign money. This lack of self-belief
results in a downward spiral in the currency's cost, causing imported items to grow
to be extra expensive. Nations reliant on imports discover themselves grappling
with soaring charges for basic necessities, therefore growing the general patron
fee index. The Syrian Civil War's impact on the Syrian pound serves as an
illustrative case. The depreciation of the forex, coupled with the disintegration of
efficient sectors, created a really perfect hurricane for rampant inflation, leaving
citizens grappling with escalating expenses and diminishing purchasing strength.

3
8
Geopolitical tensions and uncertainties play a pivotal function in escalating
inflation prices because of modern navy conflicts. These tensions contribute to
multiplied danger perceptions among traders, prompting them to seek more
secure investment options. As capital flows out of the struggle-affected nation,
the local foreign money depreciates in addition, similarly inflating import fees.
The elevated threat surroundings also impede overseas direct investment,
inhibiting monetary growth and balance. The ongoing tensions between the
USA and Iran underscore how geopolitical uncertainties can transcend borders,
leading to worldwide marketplace volatility and inflationary pressures.
Moreover, the infrastructure destruction that often accompanies navy conflicts
disrupts manufacturing capacities, exacerbating the inflationary surroundings.
Factories, transportation networks, and agricultural lands are ravaged,
hindering the manufacturing of important items. This supply-aspect surprise
reduces the availability of goods, leading to multiplied calls for a limited supply,
in addition to using up fees. The dire monetary situation in conflict-ridden
Yemen showcases this dynamic, wherein the decimation of infrastructure has
caused an absence of basic commodities, resulting in hovering inflation costs
that affect the population's well-being. In reaction to those demanding
situations, governments frequently grapple with tough coverage selections to
manipulate inflation at some point in current military crises. Some might also
intend to print cash to finance struggle-related expenses, a method that may
exacerbate inflation via excessive cash delivery. Additionally, governments may
put in force charge controls, trying to decrease charge hikes. However, these
controls can cause supply shortages, further distorting markets and
exacerbating financial turmoil. Striking the delicate balance between
addressing on-the-spot economic challenges and avoiding lengthy-time period
economic distortions is an impressive project at some point of conflict. In
conclusion, the modern-day state of affairs of financial crises globally, fueled
via present-day army conflicts, underscores the elaborate interaction between
warfare, geopolitical tensions, and monetary balance.

9 4
 The inflationary pressures that rise up from those crises are driven by
means of disrupted trade, currency depreciation, geopolitical uncertainties,
and infrastructure destruction. As we navigate these complexities, it becomes
clear that mitigating the monetary impact of conflicts necessitates complete
strategies that deal with no longer only the immediate monetary challenges but
also the wider geopolitical elements that contribute to instability. International
collaboration, conflict prevention, and sustainable development efforts are vital
in forging a route closer to economic stability and prosperity, even in the midst
of battle-pushed demanding situations

10 4
 deglobalization
risk
Risks of deglobalization have also risen markedly because of the invasion of
Ukraine. Already after the start of the pandemic, there has been a good deal of
discussion of making supply chains greater resilient and trying to depend much
less on imports for public health requirements inclusive of vaccine and antibiotic
manufacturing, no longer to say the semiconductors which might be the
inspiration of the virtual economy. The exit from Asia’s zero-COVID regulations
remains increasing, delivering disruptions, and offering a glimpse of what
temporary deglobalization could appear to be. Russia, of the path, seems set to
be remote for a prolonged duration, however, the actual hit to globalization will
manifest if exchange among advanced economies and China additionally drops,
which is sadly possible in a few eventualities. A fundamental realignment of the
global financial system can infrequently be right for geopolitical balance. Since
Montesquieu, political economists have argued that countries that change with
each other are much less likely to go to war, with the main cutting-edge nuance
being that oblique trade via commonplace partners and networks is also enabled.
In the near term, deglobalization would sincerely be a large bad surprise for the
world economic system. Whether lengthy-term results could be excessive is less
well understood. The huge alternate literature on this topic yields incredibly (to
me) small estimates. Canonical quantitative trade fashions yield an estimate of
approximately a 2–3 percent decrease in GDP for America and perhaps three–
four percent for China. The baseline numbers are further modest for monetary
globalization. Importantly, those hard guesses rely on myriad assumptions,
consisting of how without difficulty countries can replace homes for imported
items or change with other partners. Moreover, to the extent that trade
deglobalization leads to better markups via local monopoly providers, and less
“innovative destruction” within the economic system, the fees can be substantially
higher. And globalization may additionally have dynamic effects that existing
fashions do no longer don't forget, no longer to say positive effects on a country’s
institutional development.
3
11
Also, as there can be large losers from globalization although the
winners benefit a lot more, the consequences of deglobalization are
probably to hit some sectors a good deal harder than others, which can in turn
expand the combination consequences. Returning to inflation, there is a sturdy
case to be made that globalization is the name of the game sauce that made
the task of bringing down inflation immensely easier within the 1990s and 2000s
so that deglobalization ought to without problems exacerbate upward inflation
pressures for a prolonged period. Recently, Charles Goodhart and Manoj
Pradhan forcefully argued that unfavorable demographics in East Asia and
Japanese Europe will persistently boom global charge pressures, just because
the rise of China has been a disinflationary force. I made a similar argument in
my 2003 Jackson Hole convention paper, “Globalization and Global
Disinflation,” announcing that while the advent of important bank
independence helped, it could not receive all of the credit score for the decline
in inflation in the 1980s and 1990s. Perhaps the maximum crucial
macroeconomic lesson nowadays is that during crafting responses to the ultra-
modern principal macroeconomic shock, whether it be the economic crisis, the
pandemic, or now struggle in Europe, policymakers (now not to say educational
economists) should keep in mind that although things generally get better after
a catastrophic surprise, they can also get a good deal worse. Thus economic
and economic policy want to incorporate resilience, and not simply the
maximalism that has emerged as fashionable or overdue

4
12
 Case Study
#1
The Russia-Ukraine battle, which erupted in 2014 with Russia's annexation of
Crimea and the following army disagreement in Eastern Ukraine, gives a stark
illustration of the monetary and inflation crises that can emerge from current
military conflicts. This case delves into the intricacies of the warfare's monetary
fallout, focusing on the inflationary pressures experienced by Ukraine, a nation
immediately stricken by the battle. The Russia-Ukraine battle brought about a
number of economic challenges for Ukraine. The annexation of Crimea led to the
loss of a sizable part of Ukraine's GDP, as well as key infrastructural belongings
and critical sources, consisting of the right of entry to the Black Sea. Furthermore,
the warfare disrupted trade routes and destabilized economic markets, growing an
environment of financial uncertainty. Ukraine's already fragile financial system
became in addition strained by the war's impact on investor self-belief, reduced
overseas direct funding, and weakened domestic consumption. The financial
disruption caused by the conflict played a pivotal position in exacerbating
inflationary pressures in Ukraine. Trade disruptions with Russia, historically a primary
trading partner, caused delivery shortages for key commodities. As imports faded
and supply chains were disrupted, the provision of goods declined, raising up their
charges. The loss of marketplace competition similarly exacerbated the scenario,
contributing to the inflationary spiral. Consider the hypothetical case of Maria, a
middle-magnificence Ukrainian citizen, to understand the tangible outcomes of the
financial and inflation crisis as a result of the Russia-Ukraine warfare. Maria, a
schoolteacher, saw her month-to-month revenue stagnate because of the
economic downturn. The battle-prompted instability in Ukraine's economic markets
decreased the fee of the hryvnia, the national foreign money, mainly due to a loss
in Maria's purchasing power. As the prices of essential items, along with food and
utilities, soared due to supply shortages and forex depreciation, Maria located
herself grappling with the mounting value of her dwelling. Data from Ukraine's
State Statistics Service highlights the gravity of the situation. In 2013, earlier than
the battle escalated, the annual inflation charge in Ukraine became around 0.5%.
3
13
However, because the struggle intensified and change disruptions have
become greater reported, inflation surged. By 2015, the once a year
inflation rate had skyrocketed to over 40%, and in subsequent years, it
remained in double digits. The effect on Maria's daily life changed into tangible.
Her grocery payments surged as food prices surged, making it an increasing
number of tough to have the funds for nutritious meals for her own family. The
escalating utility expenses added additional pressure to her price range,
leaving her with fewer assets to shop for or spend money on her future. Maria's
case exemplifies how the Russia-Ukraine battle's economic results filtered down
to regular citizens, eroding their monetary stability and diminishing their best of
existence. The financial and inflation disaster precipitated by means of Russia-
Ukraine warfare has left lasting scars on Ukraine's financial system. The
disruption of change, loss of crucial property, and decreased overseas funding
have hindered the country's restoration efforts. Despite global useful resources
and guidance, the war's monetary impact continues to reverberate, affecting
each quick-time period stability and long-term increase potentialities. The
Russia-Ukraine struggle serves as a poignant case examination of the way
modern-day army conflicts can result in monetary and inflation crises with
ways-accomplishing results. The disruption of trade, foreign money
depreciation, and investor uncertainty combine to create an environment
wherein expenses bounce, eroding the purchasing power of residents and
destabilizing economies. The personal case takes a look at Maria and
underscores the tangible results of these crises on regular lives. As
policymakers, worldwide agencies, and worldwide leaders grapple with
struggle prevention and determination, the Russia-Ukraine struggle gives a stark
reminder of the vitality to mitigate the economic consequences of conflicts to
ensure balance, prosperity, and a brighter destiny for all.

4
14
 Case Study
#2
Introduction: The annals of monetary records are punctuated by occasions that
modify the path of nations and societies. The Great Depression, a profound and
multifaceted crisis that spanned from 1929 to the past due 1930s, remains one of
the most emblematic times of economic disaster. This case delves deep into the
nuanced layers of the Great Depression, dissecting its causes, impact on the
economic system, inflationary ramifications, the intertwined humanitarian crisis, its
outcomes on money move and price, and the difficult net of measures undertaken
to clear up it. Causes and Unraveling: At the coronary heart of the Great
Depression had been a confluence of things that culminated in an economic
disaster of remarkable proportions. The cause became the stock market crash of
October 29, 1929, infamously dubbed "Black Tuesday." This seismic occasion
marked the culmination of the Roaring Twenties, an era marked with the aid of
speculative excesses and financial euphoria. The subsequent unraveling became
fast and merciless, as the speculative bubble burst, plunging the worldwide
economic system into turmoil. The financial devastation that is observed becomes
profound. Gross domestic product (GDP), a barometer of monetary health,
plummeted as business production nosedived by using almost 50%. Factories
closed, agencies shuttered, and unemployment soared to alarming stages. As
workers lost jobs and bought electricity, customer spending reduced in size,
developing a vicious cycle of decreased manufacturing and declining demand.
Inflation, a common financial phenomenon, was mockingly replaced by means of
deflation, as expenses tumbled because of weakened patron demand. The
paradox of products becoming inexpensive on paper but less costly in practice
added another layer of complexity to the economic disaster. The effect of the
Great Depression transcended monetary realms and morphed right into a full-
fledged humanitarian crisis. Unemployment changed into not only a statistic; it
became the reality of thousands and thousands of lives shattered with the aid of
economic upheaval. Breadlines, soup kitchens, and Hoovervilles—makeshift
communities of homeless individuals—painted a grim portrait of destitution and
despair. 3
15
Farmers, suffering from plummeting crop fees, faced the ecological
nightmare of the Dust Bowl, a phenomenon fueled by drought and
exacerbated by means of poor farming practices. The human toll turned
staggering, with starvation, homelessness, and fitness problems turning into
pervasive. The financial bedrock of economies was rocked by the Great
Depression. Bank failures became a tragic hallmark of the technology, as
panicked depositors rushed to withdraw their savings, triggering a cascade of
collapses. The discount within the cash delivery in addition constricted financial
pastime, as organizations determined it increasingly hard to stable credit score
for investments and clients curtailed their spending. The result turned into a
spiral of decreased consumption, faded production, and plummeting financial
output. The New Deal and Global Responses: Addressing the multifaceted
demanding situations of the Great Depression necessitated innovative policy
responses. In the United States, President Franklin D. Roosevelt's New Deal
delivered a collection of reforms, remedy programs, and public works initiatives
aimed at restoring self-belief and stimulating financial interest. Programs such
as the Civilian Conservation Corps furnished employment, whilst banking
reforms aimed to stabilize economic institutions. Internationally, countries
followed varying measures to stabilize their economies, although the efficacy of
these efforts varied based on financial and political contexts. The Bretton
Woods Conference of 1944 stands as an example of worldwide efforts to save
you from monetary crises. The introduction of establishments such as the
International Monetary Fund (IMF) and the World Bank aimed to sell economic
stability and save foreign money wars via global cooperation. The legacy of the
Great Depression reverberates through time as a cautionary tale of financial
fragility and resilience. Its reasons, effects, and ramifications underscore the
difficult tapestry of financial structures and human lives. As we navigate the
demanding situations of the existing and the uncertainties of destiny, the
instructions of the Great Depression resonate as a reminder of the critical
position that prudent monetary management, social safety nets, and global
collaboration play in mitigating and preventing economic crises. In the
collective enterprise to build greater resilient economies and societies, the
echoes of the beyond guide us closer to a stronger and wealthier destiny.
4
16
 Case Study
#3
Russia’s invasion of Ukraine is an unmitigated disaster for international peace and
especially for peace in Europe. But the battle also substantially compounds some
of the preexisting detrimental worldwide financial traits, consisting of rising
inflation, intense poverty, increasing food lack of confidence, deglobalization,
and worsening environmental degradation. In addition, with an apparent end to
the peace dividend that has long helped finance better social prices, rebalancing
fiscal priorities should be quite difficult even in superior economies. To start by
mentioning the plain, war-torn Ukraine is in a nation of extreme monetary distress.
In addition to the destruction of bodily capital, tens of millions have fled the
United States, and endless hundreds have been killed or maimed. This comes on
top of a generalized upward push in economic distress around the arena because
of the COVID-19 pandemic. According to the World Bank, the number of human
beings living in severe poverty rose by roughly a hundred million to almost seven
hundred million; a widespread percentage stayed in warfare regions. For the
global economic system, gas and food shortages caused by the battle are
exacerbating up-pandemic inflation that had already reached multi-decade
highs in the world. To say that the causes are well known might be an
exaggeration for the reason that the ultralow inflation of the 2010s nevertheless
puzzles instructional macroeconomists. But the primary drivers are obvious. First,
governments and critical banks have been sluggish to unwind extraordinary
peacetime macroeconomic stimulus. Certainly, documenting early stimulus
substantially helped cushion the primary level of the pandemic, however in a few
cases, it continued too lengthy and proved excessive after the all-at-once sharp
rebound in superior economies and some rising markets. In the US, in particular,
the mixture of a $900 billion economic stimulus at the end of 2020 followed by a
$1.7 trillion package in March 2021 proved too much, too past due. Supply chain
disruptions have additionally been a first-rate contributing element to inflation,
even though a number of the pressures on supply ought to genuinely be traced to
the sudden surge in demand.
17 3
Across superior economies, more than 1/2 (inclusive of the United States
and the euro vicinity) had inflation fees of over 5% even earlier than hostilities,
so the warfare made an already difficult scenario worse. Prior to the warfare,
Russia and Ukraine blended accounted for 1 / 4 of worldwide wheat exports,
and Russia is a prime dealer of fossil fuels, specifically to Europe. Disruptions to
materials of those commodities are using up costs. How a whole lot of
important banks will in the long run ought to enhance hobby rates, and how
long they may live up, is a first-rate query. The relevant prediction of Federal
Reserve officers is that they'll take the federal funds rate up to 2.75%, from
close to 0 in January. The first hike of 0.25% came here in March, and the Fed
also expects a fast-paced reduction within the length of its big stability sheet.
Markets seem to have amazing confidence that the blended consequences of
those movements can be sufficient, and that there will be a clean landing for
the overheated economic system. Notably, as of the first week of April, five-year
forward inflation expectancies stood at just under 2.4%, no better than in early
February 2018 and nearly half a percentage factor lower than a decade in
advance. Moreover, market expectancies are that the interest rate hikes can be
noticeably transitory, with the Treasury yield curve “inverting,” so that brief rates
are better than long prices. But this sanguine view understates the big danger
that extended excessive inflation could be destabilizing. True, for the moment,
salary increases path inflation in many nations, even in tight exertion markets,
suggesting that principal financial institution credibility remains robust, even out
of doors monetary markets. s. But as excessive inflation persists, there's an
acute hazard that crucial bank credibility will erode, and it may be hard to
place the inflation genie again in the bottle. Central bankers are keenly privy to
the chance of dropping their inflation anchor, but they also want to worry about
inflicting a prime recession. Another venture is that public and private debt
levels are massively better nowadays than they have been over the last
advanced economic tightening cycle within the Nineteen Eighties, and a sharp
financial tightening could destabilize debt dynamics that have in any other case
been commonly benign for the past decade.

18 4
 For monetary coverage, the quick-term implications of the Ukraine
warfare for superior economies are pretty modest in comparison with the
ones of pandemic-generation stimulus applications. However, the cumulative
lengthy-term results of a fading peace dividend may want to prove larger than
most governments have up to now stated. Europe, for instance, could
effortlessly turn out to be raising defense spending by using 1% of GDP yearly, if
no longer more. If that occurs, the ensuing costs will possibly exceed even the
ambitious, €807 billion NextGenerationEU stimulus for the duration of the
pandemic. And that doesn't count Europe’s eventual contribution to rebuilding
Ukraine, which may amount to €a hundred billion or more. Since the autumn of
the Berlin Wall in 1989, the United States has been capable of cutting back its
military finances by means of 3% of GDP, greater than sufficient to cover all of
today’s government spending on nondefense intake and funding. The Biden
management’s unique aim of in addition shifting army spending to social
packages is already on hold, and it's far a truthful bet that over the following
few years, the USA will raise navy spending by means of a comparable quantity
to Europe. Meanwhile, the chaotic US retreat from Afghanistan and the horrific
spectacle of struggle in Ukraine have many different nations reevaluating their
protection desires.

19 4
 major countries
involved
CHINA
In the year 2023, the looming specter of current military
conflicts possesses the capacity to send ripples through
China's elaborate economic material raises worries
across diverse dimensions. As an important cog inside the worldwide delivery
chain, any disruption to these networks can have cascading results on China's
manufacturing capacity, export volumes, and, therefore, its economic growth.
The intricate internet of interconnected industries could face production delays
and aspect shortages, leading to a discount in output and potentially
triggering layoffs, exacerbating the already fragile employment scenario.
Furthermore, the cloud of uncertainty brought via conflicts can solidify a pall
over investor sentiment, main to hesitancy in making lengthy-term
commitments. This cautious technique can dampen overseas direct funding
(FDI) and weaken economic growth prospects. In the world of finance, the
geopolitical tensions inherent in cutting-edge military conflicts can lead to
capital flight, as traders are trying to find safe havens for his or her sources.
This flight of capital can put a downward strain on China's currency, the yuan,
doubtlessly leading to depreciation against most important worldwide
currencies. Such currency depreciation can have a couple of implications—
elevating the costs of imports, impacting agencies that depend heavily on
imported components, and potentially spurring inflation as higher import
charges are exceeded on to purchasers. This, in flip, can erode patron
shopping electricity and contribute to overall financial instability. One specific
vicinity where the effect of these conflicts would possibly manifest prominently
is energy. If these conflicts spread in areas substantial to China's energy
supply, disruptions in oil and gas shipments could cause supply shortages and
subsequent price spikes. The surge in strength costs would no longer most
effectively have an effect on transportation and manufacturing charges
however also ripples via the broader financial system, contributing to better3
inflation costs. 19
 Such inflation could exert strain on households, in particular those in
decrease-earnings brackets, as they grapple with rising expenses for
crucial goods and services. Amid those challenges, China's monetary resilience
might be placed to the check. The government's capability to manage these
multifaceted demanding situations—ensuring solid delivery chains, bolstering
investor self-belief, and mitigating inflationary pressures—could play a vital
function in navigating the economic landscape. Collaborative diplomatic efforts
to save conflicts and uphold local balance could emerge as pivotal components
of China's approach to protect its monetary pastimes and ensure sustainable
growth.

RUSSIA
Contemporary army conflicts in numerous elements of
the world have the capacity to exert a profound effect
on Russia's multifaceted financial system, yielding various
complicated outcomes that stretch from electricity markets to economic
balance. As one of the global's biggest exporters of power sources, which
includes oil and gasoline, Russia's financial fortunes are closely tied to
international call for and delivery dynamics. Should conflicts disrupt key strength
delivery routes or result in
20
supply shortages, Russia's export revenues should face extensive declines,
eventually impacting its budgetary talents and usual monetary resilience...
Geopolitical tensions, often a trademark of army conflicts, can ripple
through financial spheres, affecting foreign investment and investor self
belief. Uncertainties inherent in conflicts might lead investors to adopt a
cautious stance, reducing their willingness to dedicate sources to Russia's
markets and projects. This dwindled foreign funding ability should in turn
preclude monetary expansion, technological innovation, and business
development, placing Russia's long-term increase possibilities at chance.
Currency stability is another important factor. The geopolitical turbulence
associated with conflicts can lead to foreign money fluctuations, as buyers
reply to heightened dangers. Such fluctuations can lead to capital flight as
buyers search for safe havens, doubtlessly weakening the ruble's fee.
Depreciating foreign money, in flip, can contribute to imported inflation, raising
the costs of products and offerings for consumers and corporations alike, while
impacting the central financial institution's efforts to hold rate balance.
Furthermore, the allocation of assets to army endeavors, frequently a need in
the course of conflicts, can divert finances from different sectors including
healthcare, education, and infrastructure. This diversion would possibly
exacerbate socially and financially demanding situations, potentially
contributing to discontent amongst residents and further straining social
cohesion. In this complicated panorama, Russia's response to the effect of
army conflicts on its economic system plays a vital function.

Diplomatic efforts to save you conflicts, diversification of financial driver's past

power, prudent financial management, and fostering appealing funding
surrounding should all contribute to mitigating ability financial fallout. By
spotting the interplay among military conflicts and the numerous dimensions of
its financial system, Russia can chart a course that seeks to protect its
monetary stability and sustainable boom aspirations in the face of worldwide
challenges

21 3
USA
Contemporary naval conflicts have a profound and
complicated effect on the United States' economic
system, placing in movement a series of interrelated
results which can reshape financial dynamics. As global delivery chains falter
and geopolitical uncertainties abound, conflicts can catalyze an outstanding
surge in inflation rates. This upward push could probably raise client costs by
way of a tremendous percentage, impacting residents' purchasing energy and
altering consumption styles. The scarcity of important goods, a commonplace
side impact of disrupted alternate routes and resource constraints, may want
to similarly increase inflationary pressures, contributing to an overall increase
within the fee of dwelling. In reaction to the economic challenges posed by
military conflicts, governments often rent stimulus measures to reinforce
economic stability and keep employment tiers. These stimulus programs inject
finances into numerous sectors, aiming to mitigate ability downturns as a
consequence of delivery disruptions and reduced client spending. However,
the sensitive balance among these monetary injections and the pressure of
wartime expenses can impact the general financial trajectory, underscoring
the complexity of preserving equilibrium in the face of battle-caused monetary
pressures. In certain eventualities, the confluence of growing inflation, scarcity,
and improved authority spending can pave the way for a monetary recession.
A recession, characterized by a contraction in Gross Domestic Product (GDP),
rising unemployment prices, and decreased purchaser and enterprise
spending, represents a large assignment to financial stability and increase. The
difficult interaction of those elements highlights the multifaceted nature of the
financial outcomes induced by means of present-day military conflicts. In
navigating these complexities, governments ought to weigh their country-wide
safety imperatives in opposition to the ability of financial fallout. Diplomatic
efforts to save you conflicts, strategies to diversify delivery chains and
resources, and prudent fiscal control all play pivotal roles in mitigating the
economic impact of naval conflicts. As the USA faces the complex venture of
addressing the economic outcomes of such conflicts, putting stability between
preserving safety and safeguarding economic balance remains a paramount 3
goal
22
FRANCE
Contemporary army conflicts forged a nuanced
and elaborate effect on France's complex monetary
landscape, weaving collectively a series of effects
that ripple through its numerous sectors. Recent
activities have illuminated the interconnected nature
of those influences, shaping the nation's financial trajectory in one-of-a-kind
approaches. Notably, geopolitical tensions have brought on disruptions in
strength substances, leading to a discernible uptick in inflation costs by about
2.5%. This upward push in patron costs now not handiest dents residents'
purchasing energy but additionally underscores the complicated interplay
among international events and domestic economic conditions. The scarcity of
critical items, coupled with disruptions in change and useful resource
constraints stemming from those conflicts, has amplified inflationary pressures.
This shortage-driven inflation intensifies the challenges of maintaining
affordability for the populace, particularly for crucial commodities. The
complicated dance between deliver and call for in addition underscores the
fragility of monetary equilibrium during instances of war-related uncertainties.
In response to these multifaceted challenges, the French government has
taken proactive measures to mitigate the monetary fallout. A stimulus bundle is
equivalent to at least one. 2% of GDP has been injected into sectors grappling
with supply interruptions and dwindling patron spending. This centered
economic intervention seeks to stabilize affected industries, safeguard
employment, and hold economic resilience amidst the turbulence. However,
the complexity of balancing the imperatives of monetary balance and
countrywide security emerges as a valuable topic. The authorities' commitment
to making sure security can lead to heightened army prices, supplying a
sensitive equation where fiscal stimuli need to be carefully controlled to save
undue pressure on the economy. This balance is pivotal to maintaining France's
financial fitness whilst addressing the strategic demands of safeguarding
country-wide interests. In the wake of those dynamics, the threat of an
economic recession looms, marked by a projected contraction of GDP through
3

23
 8% and a surge in unemployment. This capacity recession under-scores
the vulnerability of economies to the elaborate internet of factors
influenced by modern-day army conflicts. It emphasizes the
interconnectedness of world occasions and their cascading effect on the
home boom and stability. In navigating these challenges, France faces the
onerous undertaking of aligning economic resilience with strategic
priorities. The authorities' adeptness at addressing supply disruptions,
managing monetary interventions, and fostering international cooperation
stands as a testimony to its dedication to maintaining both economic and
countrywide security hobbies. These nuanced activities function as a stark
reminder of the intertwined courting among geopolitical activities,
monetary rules, and their mixed influence on a state's well-being.
JAPAN
The tricky effect of contemporary navy conflicts on
Japan's economic system is accentuated via current
activities that light up the delicate interplay between
worldwide dynamics and home financial realities.
Geopolitical tensions, which regularly accompany navy conflicts, have
manifested in disruptions to strength elements, ensuing in a considerable 3%
boom in inflation charges. This inflation surge has led to tangible results on
patron prices, setting strain on residents' shopping strength and changing
consumption patterns. The correlation between global events and home
financial indicators is introduced into sharp recognition, highlighting the
complex relationship between international security concerns and the
monetary well-being of a state. The shortage of crucial items similarly
exacerbates these inflationary pressures, driven by the disruption of change
routes and resource shortages resulting from the conflicts. This shortage-
triggered inflation underscores the intricate deliver-demand stability within the
economic system and underscores the fragility of solid rate tiers during periods
of global turmoil. The elaborate dance among availability and call for
emphasizes the demanding situations governments face in retaining financial
equilibrium at some point of instances of geopolitical uncertainty. In response
to those multifaceted challenges, the Japanese government has carried out a
strategic stimulus package, injecting 5% of the GDP into sectors grappling3

24
with supply disruptions and reduced client spending. This focused
economic intervention targets to stabilize affected industries, preserve
employment, and foster economic resilience amid the tumult. However, the
complexity of concurrently dealing with economic stimuli and dealing with
expanded military prices gives a sensitive mission, requiring the government to
strike a balance between monetary balance and national protection
imperatives. Amidst those dynamics, the specter of an economic recession
looms. A contraction of 2% in GDP and an accompanying surge in
unemployment. symbolize the potential implications of heightened tensions and
supply disruptions in Japan's economy. This state of affairs underscores the
vulnerability of economies to the tricky web of factors that military conflicts can
unleash, emphasizing the interconnectedness between worldwide geopolitical
events, economic guidelines, and domestic boom prospects. In navigating
these problematic challenges, Japan's government faces the undertaking of
harmonizing monetary stability with strategic priorities. The efficacy of
addressing supply interruptions, coping with monetary interventions, and
promoting worldwide cooperation emerges as a pivotal factor of the kingdom's
reaction. These specific activities function as a reminder of the intricate
relationship among international protection dynamics, economic regulations,
and their combined effect on the general well-being of a kingdom.

INDIA
The complicated effect of contemporary military
conflicts on India's economy is underscored with
the aid of recent occasions that shed light on the
elaborate interaction between international tensions and the kingdom's
monetary dynamics. Geopolitical instabilities that regularly accompany such
conflicts have led to disruptions in energy elements, culminating in a good
sized 4% boom in inflation costs. This fantastic upward thrust has translated
into tangible outcomes on customer prices, putting strain on citizens'
purchasing energy and changing spending patterns. The direct correlation
between geopolitical occasions and home economic signs emphasizes the
complexity of managing monetary balance amid worldwide uncertainties. The
shortage of essential goods in addition exacerbates the inflationary pressures,
3

25
 pushed by way of exchange interruptions and resource constraints
stemming from the conflicts. This scarcity-brought-on inflation highlights
the sensitive equilibrium between supply and demand inside the economy,
showcasing the difficult stability required to hold stable price levels in the face
of outside disruptions. The complex courting between availability and demand
underscores the demanding situations that governments grapple with in
maintaining financial equilibrium at some point of durations of geopolitical
unrest. In response to those multifaceted demanding situations, the Indian
authorities have embarked on a strategic stimulus package, injecting 2% of the
GDP into sectors grappling with delivering disruptions and waning patron
spending. This centered on economic intervention objectives to stabilize the
affected industries, maintain employment, and foster financial resilience
amidst the tumultuous surroundings. Yet, the undertaking of changing stability
among economic stimuli and heightened military costs stays, underscoring the
government's task of navigating between financial stability and countrywide
security imperatives. In light of those dynamics, the threat of a capability
monetary recession looms big. A projected contraction of 3% in GDP and a
concurrent surge in unemployment sign the potential implications of escalated
tensions and deliver interruptions on India's financial system.

This scenario underscores the vulnerability of economies to the elaborate

internet of factors set in motion by means of modern-day military conflicts,
highlighting the interconnectedness between global geopolitical events,
economic regulations, and domestic growth prospects. As India navigates
those difficult demanding situations, the authorities' technique to harmonize
economic stability with strategic priorities stands as a pivotal element of its
response. The effectiveness of addressing delivery interruptions, managing
financial interventions, and selling international collaboration emerges as vital
additives to India's method. These precise activities emphasize the complex
dating among international safety dynamics, monetary guidelines, and their
collective impact on the general well-being of the country.

26 3
UNITED KINDOM
The UK has few direct economic links to Russia.
Trade between the two is small relative to the
size of either economy and Russia is not closely
integrated in the global financial system. However,
Russia’s invasion of Ukraine – and sanctions imposed
as a response by the UK and its allies – could still have
a significant impact on the UK economy. Russia’s military action in Ukraine will
also have implications for the world economy. For the UK, the most likely
economic impact, at least initially, will come through higher energy prices. The
Library continues to publish briefings on the crisis in Ukraine, including on aid,
international law, and NATO’s response. Russia is one of the world’s largest
producers and exporters of oil and gas and an important supplier of gas to
many European countries, though not to the UK. Immediately following the
attacks on 24 February 2022, oil prices went above $100 per barrel to their
highest level since 2014. Gas prices on international markets also increased
sharply, including for UK natural gas. There is a great deal of uncertainty as to
how sustained these, and any further, price increases may be. The speed at
which consumer prices rise, the inflation rate, rose to 5.5% in January
compared with a year ago. This was up from 5.4% in December, and up from
only 0.7% in January 2021. It was last higher in 1992. The Bank of England
estimated that half of the increase seen over 2021 was due to higher energy
prices (PDF). Increases in the costs of consumer goods also contributed. Prior
to the conflict in Ukraine, inflation was expected to peak in April 2022. This is
when the new default price cap on household energy bills comes into effect in
Great Britain. The price cap will be 54% higher than it is currently, likely
pushing inflation over 7% in April. Taxes will also rise in April, as National
Insurance Contributions go up by 1.25 percentage points. On 3 February the
Chancellor announced a package of measures to reduce some of the effects
of higher energy bills. This includes a one-off £150 rebate in April to most
households who pay council tax and a one-off £200 reduction in energy bills
this autumn that has to be repaid over the following five years
27 3
 Major/UN
Action
The United Nations, as the preeminent international organization, has long
recognized the profound interplay between economic crises and contemporary
military conflicts. Throughout its history, the UN has undertaken multifaceted
actions aimed at addressing the economic fallout wrought by warfare, offering
vital support to conflict-affected nations and fostering global economic stability.
In the aftermath of World War II, the United Nations Charter's preamble aptly
articulated the organization's commitment to preventing "the scourge of war" and
promoting "social progress and better standards of life in larger freedom." The
establishment of the Bretton Woods institutions—the International Monetary Fund
(IMF) and the World Bank—served as the UN's initial steps toward international
economic cooperation and reconstruction. These institutions aimed to stabilize
currencies, promote financial stability, and provide developmental assistance,
underpinning the UN's commitment to preventing economic crises through global
collaboration. The UN's response to the economic crisis triggered by
contemporary military conflicts has been multifaceted and adaptable.
Humanitarian assistance and development aid have been key pillars of its efforts.
Through agencies like the United Nations Development Programme (UNDP) and
the United Nations High Commissioner for Refugees (UNHCR), the organization
has provided critical aid to conflict-affected populations, addressing immediate
needs while also laying the groundwork for long-term development. The
Comprehensive Development Framework, established in the late 1990s,
exemplified the UN's commitment to addressing the root causes of conflict-driven
economic crises by integrating development strategies with conflict prevention
measures. The UN Security Council, as the primary organ responsible for
international peace and security, has played a pivotal role in responding to
economic crises arising from conflicts.

28 3
 Sanctions, often utilized to curtail the resources of belligerent parties,
have sought to influence behavior and mitigate conflicts' economic
consequences. However, these measures have also sparked debates, as
unintended consequences on civilian populations underscore the delicate
balance between conflict resolution and economic well-being. The Oil-for-
Food Program in Iraq during the 1990s and early 2000s, while subject to
controversy, showcased the UN's endeavor to alleviate the economic burden
on civilians in the midst of conflict-related sanctions.

29 3
 guiding
questions
1. What is the economic problem?

2. How are inflation rates rising?

3. How to provide stimulus to countries?

4. How to balance the economy as well as the military conflicts politically?

5. How can the IMF be beneficial? What are the roles of the P5 in this economic

crisis?

6. What are the current recession and inflation rates?

7. What is the current impact of the Russo-Ukraine conflict on the economic

and energy crisis?

8. Which countries are facing major scarcity and economic recession?

9. Which organizations are integral to assisting countries?

10. What are contemporary military conflicts?

11. How has the UN aided countries facing economic recession due to military

conflict?

30 3
 suggested moderated
caucus topics
1. Discussing the increase in rates of inflation.

2. Deliberating upon the recent events of the Russo-Ukraine conflict and its

impact on the global economy.

3. Discuss the immediate and long-term economic consequences of the military

conflict.

4. Discussing strategies to provide humanitarian aid to affected populations and

financing post-conflict reconstruction efforts.

5. Discuss realistic solutions to implement in conflict-affected areas.

6. Examine the economic consequences of imposing sanctions on countries

involved in military conflicts.

7. Discuss the effectiveness of sanctions as tools to influence conflict outcomes

and their impact on global markets.

8. Deliberating upon ways to improve and enhance the monetary and fiscal

policies of a country.

31 3
 Questions a Resolution Must Answer
QARMA
1. How to decrease inflation rates?

2. How to maintain the countries’ economic status during military war conflict?

3. How can the UN provide aid to conflict-affected areas?

4. Suggest strategies for post-conflict economic reconstruction, such as

investment in critical infrastructure, job creation, and support for local

industries.

5. How to provide a country stimulus?

6. How to depreciation in the economy?

7. What are the impacts of the energy crisis on the economy?

8. The effect of extremism/terrorism on the economic crisis?

9. How to Lower Poverty Rates

10. Impact of education and labor on the economy?

11. How to raise a country's GDP and utilize it in its maximum capacity?

32 3
 further
research
hhttps://www.investopedia.com/terms/r/recession.asp

https://www.worldbank.org/en/news/press-release/2022/09/15/risk-of-
global-recession-in-2023-rises-amid-simultaneous-rate-hikes

https://www.imf.org/external/datamapper/PCPIPCH@WEO/WEOWORLD/
VEN

https://worldpopulationreview.com/country-rankings/inflation-rate-by-
country

https://www.ft.com/content/088d3368-bb8b-4ff3-9df7-a7680d4d81b2

https://www.consilium.europa.eu/en/meetings/ecofin/2022/07/12/

https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog2023022
4~3b75362af3.en.html

https://www.bundesfinanzministerium.de/Content/EN/Downloads/Europ
e/statement-ecofin-financial-support-to-ukraine.pdf?
__blob=publicationFile&v=2

https://www.un.org/en/desa/one-year-war-ukraine-leaves-lasting-scars-
global-economy

https://unctad.org/system/files/official-document/gdsmdp20101_en.pdf
ttps://www.adb.org/sites/default/files/publication/156019/adbi-
wp164.pdf

33 3
https://www.investopedia.com/terms/g/great_depression.asp

https://www.federalreservehistory.org/essays/great-depression

https://www.loc.gov/classroom-materials/united-states-history-primary-
source-timeline/great-depression-and-world-war-ii-1929-1945/overview/

https://www.beroeinc.com/blog/china-taiwan-conflict-business-impact-
advisory/#:~:text=Risks%20for%20Businesses%20in%20Taiwan%20due%20
to%20China%2DTaiwan%20Conflict&text=Disruptions%20in%20cross%2Ds
trait%20trade,%2Dimport%20dynamics%2C%20and%20pricing.&text=Ther
e%20is%20a%20decrease%20in,grow%20cautious%20amid%20geopolitical
%20tensions.

https://www.visionofhumanity.org/assessing-the-global-economic-
ramifications-of-a-chinese-blockade-on-taiwan/

https://www.focus-economics.com/countries/france/

https://kpmg.com/uk/en/home/insights/2018/09/uk-economic-outlook.html

https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_23_3331

https://www.consilium.europa.eu/en/council-eu/configurations/ecofin/
http://aei.pitt.edu/2236/

https://economy-finance.ec.europa.eu/economic-research-and-
databases/economic-databases/fiscal-governance-database_en

https://economy-finance.ec.europa.eu/economic-research-and-
databases/economic-databases/fiscal-governance-database_en

https://data.worldbank.org/country

34
 Citations
Di Sano, Martina, et al. “Deglobalisation: Risk or Reality?” Www.ecb.europa.eu, 12
July 2023,
www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230712~085871737a.en.
html#:~:text=The%20deglobalising%20effects%20of%20reshoring. Accessed 19
Aug. 2023.

“Ecofin.” Ecofininvest.com, ecofininvest.com/.

“Economic and Financial Affairs Council, 24 May 2022.”

Www.consilium.europa.eu,
www.consilium.europa.eu/en/meetings/ecofin/2022/05/24/.

Howey, William. “What Does the Ukraine Crisis Mean for the US?” Economist
Intelligence Unit, 12 Apr. 2022, www.eiu.com/n/what-does-the-ukraine-crisis-
mean-for-the-us/#:~:text=Russia.

“India Inflation Rate 1960-2023.” Www.macrotrends.net,

www.macrotrends.net/countries/IND/india/inflation-rate-
cpi#:~:text=India%20inflation%20rate%20for%202022. Accessed 19 Aug. 2023.

Kammer, Alfred, et al. “How War in Ukraine Is Reverberating across World’s

Regions.” IMF, 15 Mar. 2022, www.imf.org/en/Blogs/Articles/2022/03/15/blog-
how-war-in-ukraine-is-reverberating-across-worlds-regions-031522.

“Reed College | Economics | Great Depression Case.” Www.reed.edu,

www.reed.edu/economics/parker/f10/201/cases/depression.html.

35 3
“Russia’s War in Ukraine: The Impact on UK and Global Trade.” Chatham
House – International Affairs Think Tank, 19 Sept. 2022,
www.chathamhouse.org/events/all/members-event/russias-war-ukraine-
impact-uk-and-global-trade

Sharma, CA Sharad Kumar. “Economic Impact of the Russia-Ukraine War in

India.” TaxGuru, 2 Mar. 2023, taxguru.in/finance/economic-impact-russia-
ukraine-war-
india.html#:~:text=Russia%20conflict%20has%20adversely%20affected.
Accessed 19 Aug. 2023.

team, the France, and IMF European Department. “France Is Building

Resilience through Bold Reforms.” IMF,
www.imf.org/en/News/Articles/2023/01/27/cf-france-is-building-
resilience-through-bold-
reforms#:~:text=After%20a%20strong%20economic%20recovery. Accessed
19 Aug. 2023.

“The Russia–Ukraine Crisis Is Bad News for China’s Economy.” East Asia
Forum, 18 Apr. 2022, www.eastasiaforum.org/2022/04/18/the-russia-
ukraine-crisis-is-bad-news-for-chinas-economy/.

World Bank. “World Bank Group - International Development, Poverty, &

Sustainability.” World Bank, 2021, www.worldbank.org/en/home.

36 3