Navigating the economic consequences of the Russia-Ukraine conflict: A focus on Iceland’s response and opportunities for long-term stability and growth

Namoh Singhvi *

Student in Department of Business Management, SIBM, SIU, Pune, India.
 
Review
International Journal of Science and Research Archive, 2024, 11(01), 1887–1893.
Article DOI: 10.30574/ijsra.2024.11.1.0199
Publication history: 
Received on 24 December 2023; revised on 30 January 2024; accepted on 02 February 2024
 
Abstract: 
This paper presents a detailed analysis of the economic repercussions of the Russia-Ukraine conflict on the global economy, with a specific emphasis on its impact on Iceland. The study examines the disruptions in international trade, escalation in raw material prices, and the implications for various sectors and nations worldwide. The report also evaluates the effectiveness of the Icelandic government's response, including targeted financial aid packages, tax relief measures, and investments in renewable energy projects. Furthermore, it highlights the critical factors that will determine the success of these measures, such as diversification of trade partners, fiscal sustainability, and the uncertain trajectory of external developments. The paper underscores the necessity for continuous evaluation, adaptation of policies based on emerging data, and strategic planning focused on long-term economic stability and growth to navigate the economic consequences of the conflict and emerge stronger
 
Keywords: 
Russia-Ukraine conflict; Economic repercussions; Iceland's response; Global economy; International trade disruptions; Raw material prices; Government interventions; Long-term economic stability
 
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