The Russia-Ukraine War, Economic Sanctions, And Global Headwinds

The global headwinds in recent times—started by the new great power rivalry, exacerbated by the pandemic, and rapidly accentuated by the Russia-Ukraine war—have begun to take their toll in different parts of the world. Despite major economic, social, and environmental stresses, there is an increased level of domination of geopolitics over other challenges. Looking ahead, there are some major uncertainties, including those related to the duration of the ongoing Russia-Ukraine war, continuation of the economic sanctions’ regime, re-emergence of bloc politics, macroeconomic stability, and changing trade-patterns and supply chains.