On February 24, 2022, Russia invaded Ukraine. BBC Korea reported Russia’s president Vladimir Putin said, “We felt a constant threat from modern Ukraine, and they hindered us from developing.” On June 13, 2022, so far, Russia is still attacking Ukraine. According to the KIEP, the other name, World Economy Focus, Ukraine and Russia produced 21.5 percent of wheat, 13 percent of corn, and 43 percent of sunflower oil before the war. 

However, the operation of the ships, which occupy most of the transportations, have been closed. According to KIEP reported, the food shortage has become a severe problem in North Africa, including Morocco, Algeria, and Egypt, and the supply of food has decreased, and inflation has increased.  

Egypt received a promise from the EU and GCC countries that they would help Egypt financially during the war. However, countries like Morocco and Algeria that have not received economic assistance can experience economic stagnation and political instability if the war continues. Due to the Russian-Ukraine war, Food and Agriculture Organization hit an all-time high price. A bunch of people, who live in North Africa and the Middle East, are suffering from severe famine. This war is having an influence on Korea too. As we have seen and felt, the exchange rate of the dollar and oil prices continue to rise. Especially according to Kyunghyang Newspaper, oil has exceeded its highest price ever. 

According to Koreascience’s thesis, oil prices continue to increase because the cost of domestic petroleum products was set in conjunction with international petroleum product prices, and the recent increase in diesel prices is higher than that of global gasoline prices. However, the Russian-Ukraine war harmed our personal life; many companies were harmed, and more problems happened. A number of small businesses were used to export to Russia and Ukraine. Korea’s small enterprises were damaged too. Especially automobiles (used cars, 24.4%), steel plates (5.1%), and parts of automobiles (4.7%). The article said, “it seems not that high right now. However, it will bring bigger damage to Korea too.” 

To conclude, it is undoubtedly true that the Russian War is bringing about many serious problems. One of the world’s largest fertilizer companies, Yara International’s CEO Svein Tore Holsether said, “We should think about how serious this food shortage crisis will be.” 

References ; 
(1)러시아가 우크라이나를 침공한 이유... 푸틴이 원하는 바는? - BBC News 코리아
(2)세계경제 포커스 VOL. 5 No. 16
(3)Koreascience, 조상범의 경유 가격 상승의 이유와 전망
(4)우크라이나 전쟁, 글로벌 경기 불황으로 이어질까? - BBC News 코리아

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