Threat Of Recession Is Rising, Amidst Russian Attack On Ukraine

Threat of recession is rising, Amidst the Russian attack on Ukraine, people engaged in buying essential goods, work on long plans stopped.

Despite fears of a Russian attack, life in Ukraine is going on as usual. Markets are opening, crowds of people are going into them. Schools, colleges, and offices are also opening normally.

If there is talk of Russia’s attack in the public mind, then the spirit of fighting it can also be felt. But the threat of an economic slowdown is also rising rapidly.

People’s priority is to buy essential goods and complete urgent tasks. Work on long plans is currently closed.

The threat of recession is rising: Impact on work.

In Ukraine’s capital, Kyiv, Pavlo Kaliyuk provides foreigners with a place to live and work. In return, they get a good amount of money in the form of commission.

Most of the people who take his service are from America, France, Germany, and Israel. Now he is worried because the business is slowing down.

People in fear of mishaps.

Pavlo’s business has slowed down as tensions escalated with foreigners leaving Ukraine.

He told that some of his deals are hanging in the balance because people no longer know what is going to happen tomorrow. Due to this the price and rent of luxury apartments have come down.

Rebels start fighting.

The fighting with the Russian-backed rebels on the border has begun and a Russian attack is expected.

In such an apprehensive environment, only immediate needs are being met, people are not doing any work due to long-term planning.

Timofey Mylovanov, head of the Kyiv School of Economics, says this situation has been going on for about six weeks. Earlier the difficulties were increased due to corona infection.

Ukraine will sink into recession.

If the apprehension environment persists, Ukraine is in danger of falling into the vortex of recession. Because Ukraine has lost billions of dollars in this environment.

There has been a huge loss to businesses and jobs. Foreign business, tourism, hotels, investment, everything is sure to be affected due to the persistence of apprehensions.

It is noteworthy that many airline companies of the country and abroad have stopped their services in this environment or have reduced them very much.

The government has also asked them to take precautions. In the past, there have been major cyber attacks on the Ukrainian government and non-government institutions.

This has also affected government work and business.