As we know, on 24 February 2022, Russia invaded Ukraine, in a steep escalation of the Russo-Ukrainian War that began in 2014. The invasion caused Europe's fastest-growing refugee crisis since World War II, with more than 6.8 million Ukrainians fleeing the country and a third of the population displaced.
Despite numerous studies of the impact of the First and Second World Wars on national economies, local armed conflicts and civil wars of the modern period have different specifics, tactics and intensity, which accordingly affects their economic consequences..
The war in Ukraine is an immense human tragedy for the people of Ukraine, but its economic implications are global. This essay focuses on the direct impact of the war on world trade and investment. Key questions are: How will trade and welfare, especially of developing countries, be affected in the short run?