The war in Ukraine, which began in February 2022, has had a significant impact on the global economy. These tensions disrupt the stability of energy markets, change trading patterns, and affect inflation in various countries. In this context, the decline in energy supplies from Russia, as one of the largest energy producers, has caused a spike in global oil and gas prices. European countries, which rely heavily on Russian gas, now face challenges in meeting their energy needs. The direct impact of the war was visible in commodity prices. For example, wheat prices have skyrocketed because Ukraine and Russia are the two largest wheat producers in the world. This supply uncertainty creates concerns in global food markets, resulting in significant food inflation. Countries in Africa and the Middle East, which rely heavily on wheat imports, are forced to face food crises. Global supply chains have also been affected in a big way. The war in Ukraine caused disruption in the delivery of goods, disrupting the automotive, electronics and consumer goods industries. This uncertainty increases production costs and delivery times, ultimately impacting consumers with higher prices. The global financial sector is experiencing turmoil due to this geopolitical instability. The stock market is experiencing volatility, and investors are turning to assets that are considered safer, such as gold and the US dollar. The size of economic sanctions against Russia by Western countries caused the ruble to plummet, affecting the stability of the Russian economy and triggering a slowdown in growth in various sectors. The defense sector also experienced a major impact. Countries in Europe are increasing their defense budgets, strengthening aspects of national security. This sparked new trends in the weapons and defense industry, creating opportunities for companies working in this field. Geopolitical influence on trade alliances is emerging as a new force. Countries that were previously neutral began to approach certain alliances to ensure security and economic stability. Trade policy reform and diversification of energy sources are long-term schemes implemented by many countries to reduce dependence on certain parties. Overall, the war in Ukraine has opened a new chapter in global economic dynamics, where geopolitical conflicts not only affect international relations, but also the daily lives of people around the world. Inflation, market uncertainty and industrial transformation are important issues that require serious attention from policy makers and economic actors.
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