April 2022 | The ICISA INSIDER
| Insights
War in Ukraine may exacerbate post-Covid economic challenges By Daniel de Búrca When writing about the pandemic in the June 2021 Insider, I suggested that we were perhaps somewhat unlucky that two “once-in-a-generation events” had arisen so closely together in the form of the 2007/8 Global Financial Crisis and the Covid-19 pandemic. Probabilistically, there’s nothing that says rare events can’t happen soon after to each other, but that doesn’t make dealing with them any easier. Although it appears that this time, most of us can breathe a sigh of relief emerging from the pandemic, the global economy still faces significant challenges to overcome.
Supply chain issues, rising commodity prices, and increasing inflation were all likely to persist for some time. However, with the tragedy of war in Ukraine unfolding before our eyes, we also now see an unimaginable humanitarian disaster, increasing geopolitical tensions, increasing energy insecurity, and a deepening of many of the issues created by the pandemic. And one of the major challenges with the unfolding events of 2022 is how quickly things change.
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