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The impact of the energy crisis on the global economy

Papadaki Olga-Zampia

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Summary

The global community is in the midst of the worst energy crisis since the oil crisis of the 1970s. The rebound of the economy with the easing of the COVID-19 pandemic restrictions combined with the dependence of the production process on fossil fuels has led to a rise in energy prices, in response to the inability to meet the growing demand. This phenomenon was intensified by the war in Ukraine, especially after the imposition of economic sanctions against Russia, thus affecting the growth indicators of the global economy. Russia's invasion of Ukraine has caused turbulence in world markets as the two countries account for about 2% of world trade, with a significant share in the production of a variety of commodities. The war has significantly fueled the rise in energy and food prices, inevitably leading to currency devaluation, rising inflation and budget deficits as well as a decline in global GDP. The imposition of economic sanctions against Russia, although intended to harm its economy, have had a significant impact on the global economy, primarily through disrupting the global supply chain, global trade and finance. The purpose of this thesis is, first, to analyze the consequences of the energy crisis on the global economy and its impact on global financial markets and energy investments. The second part of the thesis aims to assess country risk by examining the economic situation of countries and developing a model to classify them into risk groups using the UTADIS multi-criteria method.

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