The war in ukraine and the sanctions on russia and belarus have shaken global markets and will have. An impact on the Spain Phone Number world economy. The impact on european countries, especially eastern europe, including latvia, will be greater. The main channels of influence on the economy will be through higher. Commodity prices, a weakening of sentiment and declining trade with russia, belarus and ukraine. High inflation and nervousness will reduce people’s purchasing power and willingness to Spain Phone Number spend. High production costs, new supply chain tensions and the need to look for new sources of raw materials will. Dampen production growth and business investment.
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Exports to the russian and belarusian markets will severely limit export performance. This will Spain Phone Number lead to a. Significant slowdown in economic growth in 2022 and possibly 2023.Companies have to reckon with. Higher production costs although russia is the largest country in the world by area, it is only the 11th. Largest economy in the Spain Phone Number world and accounts for only 2-3% of the world’s gross domestic product. Russia’s role in total world trade is also small. In 2020, russia accounted for less than 2% of world. Merchandise exports and its destination was about 1.4% of world merchandise imports. The shares of. Belarus and ukraine are even smaller. However, russia and, in some cases.
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Ole in the production and export of various raw materials. Russia alone supplies about a sixth of the. World’s raw materials. It is one of the largest exporters of oil and oil products, coal and natural gas. It supplies about 35% of europe’s gas and less than 20% of its oil. Russia also plays an important role in. The market for various metals. Russia produces more than 40% of the world’s palladium, which is used. In car construction. It is also Spain Phone Number a significant producer producer of metals such as nickel, aluminum, iron. Ore and steel and accounts for about 6-10% of the world’s supply of these metals. Less than 30% of the. Nickel consumed.