Challenged global economics amid conflict in warring countries

Abstract

This research delves into the multifaceted challenges posed to society and regional development in the wake of Russia's invasion of Ukraine, with a specific focus on the period spanning from February 2022 to February 2023 as a response to the social and entrepreneurial threats that have appeared due to the conflict. In addition, this research seeks not only to alleviate prevailing uncertainties but also to facilitate a comprehensive understanding of the economic landscape by identifying causal factors and providing a relevant contextual framework for the threats to society and regional development in the aftermath of Russia's invasion of Ukraine, which affects sustainability both economically and socially. These disruptions have given rise to unprecedented uncertainties that could potentially trigger an irreversible cascade of shortages, leading to escalating costs of critical or irreplaceable products that directly affect regional development. This paper scrutinizes this intricate process, aiming to discern underlying patterns and mitigate the prevailing uncertainty—a state that challenges rational decision-making. In this pursuit, established economic theories are deployed to provide comprehensive insights into the evolving reality. Through an in-depth analysis of the interplay between the Covid-19 pandemic, the ensuing economic crisis, and the ramifications of the Ukraine-Russia conflict, this research reveals a stark decline in economic growth. In addition, the present study explores potential solutions, emphasizing the importance of enhancing workforce skills through meticulously designed educational strategies and promoting gender diversity in science, technology, engineering and mathematics (STEM) programs.