Russia’s invasion of Ukraine and its impact on the economic performance of G20 countries

Download This Article

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

This paper aims to examine the impact of the Russia-Ukraine war on the performance of the Group of Twenty (G20) countries by analyzing the economic performance of these countries before and after the war, analyzing and measuring empirically from 2000 to 2022. The Russian invasion of Ukraine has prompted many researchers to study the impact of the conflict on the economic performance of the world’s most prosperous countries. Furthermore, the influence of global commerce has demonstrated that the Russia-Ukraine war has impacted the global trade imbalance, harming the economic performance of the 27 European Union (EU) nations (Misini & Tosuni, 2023b). The methodology is based on a comparison of each of the G20 country’s economic performance indexes (EPIs) to the countries of the EU. These countries’ performance will be evaluated using the most essential macroeconomic indicators: unemployment, inflation, fiscal deficit, and yearly economic growth. In addition, this paper will examine the influence of the Russia-Ukraine war on the economic performance of these countries (G20). The analysis employed dot plot analysis, descriptive statistical analysis, and regression to conduct a more scientific investigation. The findings reveal that nations with high inflation as a result of the Russia-Ukraine war had lower economic performance, while those with low inflation had higher economic performance. Countries with lower inflation have produced greater economic results. Turkey and Argentina have experienced significant swings in economic performance. Economic growth and the budget deficit have had a favorable impact on the G20 countries’ economic performance.

Keywords: Economic Performance Index, Inflation, Unemployment, Public Debt, Economic Growth

Authors’ individual contribution: Conceptualization — L.S. and. S.M.; Methodology — L.S., S.M., A.M., A.I., and A.I.; Formal Analysis — L.S., S.M., A.M., A.I., and A.I.; Investigation — L.S. and S.M.; Data Curation — L.S., S.M., A.M., A.I., and A.I.; Writing — Original Draft — L.S., S.M., A.M., A.I., and A.I.; Writing — Review & Editing — L.S., S.M., A.M., A.I., and A.I.; Visualization — L.S., S.M., A.M., A.I., and A.I.; Project Administration — L.S., S.M., A.M., A.I., and A.I.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: E24, E29, E31, H60, P47

Received: 13.12.2023
Accepted: 23.04.2024
Published online: 25.04.2024

How to cite this paper: Shabani, L., Misini, S., Mustafa, A., Ismajli, A., & Ismajli, A. (2024). Russia’s invasion of Ukraine and its impact on the economic performance of G20 countries. Journal of Governance & Regulation, 13(2), 154–161. https://doi.org/10.22495/jgrv13i2art15