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The Impact Of The Russian Invasion Of Ukraine On The Economic Strength Of Ukraine
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1.2 Statement of the problem
The danger of Russian armed troops
invading Ukraine has already had a severe impact on the Ukrainian
economy (Raik,2022). If the country is attacked militarily, depreciation
of the national currency and a rise in the cost of borrowing on
external markets, which have been occurring as a result of the mounting
uncertainty, might become much more substantial (Inayeh,2022). High
levels of uncertainty are harming consumer and investor confidence,
resulting in lower consumer spending and postponed investment projects,
particularly FDI. Additional aid from the West is expected to cushion
the damage and at least partly compensate for the loss of access to
international financial markets(Raik,2022). The EU has already shown its
support by launching a fresh EUR 1.2 billion emergency macro-financial
assistance package (MFA) and an extra EUR 120 million in grant
assistance (Brill,2022). The package is designed to assist Ukraine in
meeting its increased financial demands as a result of the war. Canada
provided a loan of USD 95 million and supplementary funding of USD 40
million (Raik,2022). The Ukrainian government is hopeful of getting a
fresh tranche of up to USD 2.2 billion under the current IMF Stand-By
Agreement and initiating a new arrangement to handle the emergency
situation, with fewer limitations than previous IMF packages
(Raik,2022). Cyber assaults (on the energy system, airports, and
government administration) are anticipated to become far more
widespread. The amount of damage caused by such hostilities will be
determined by the Ukrainian side's capacity to oppose them(Gaddy,2022).
As a result, it is necessary to investigate the effect of Russia's
invasion of Ukraine on Ukraine's economic strength.
1.3 Objective of the study
The
general objective of the study is the impact of the Russian invasion of
Ukraine on the economic strength of Ukraine. The specific objective are
as follows:
To examine the economic strength of Ukraine since its independence in 1991.
To evaluate the contribution of Russia to the economic strength of Ukraine.
To investigate the impact of Russian attack on Ukrainian economy.
1.4 Research Questions
The following questions have been prepared for the study
What is the economic strength of Ukraine since its independence in 1991?
What is the contribution of Russia to the economic strength of Ukraine?
What is the impact of Russian attack on Ukrainian economy?
1.5 Significance of the study
This
study will examine the impact of the Russian invasion of Ukraine on the
economic strength of Ukraine. Hence the study will be significant in
the following ways:
Government: this study will be significant to the
Nigerian government as it will see and learn from the Ukrainian
invasion and reduce the country's reliance on the western country.
Academia:
this study will be significant to the academic community as it will
contribute to the existing literature on the impact of the Russian
invasion of Ukraine on the economic strength of Ukraine.
1.6 Scope of the study
This
study will examine the economic strength of Ukraine since its
independence in 1991. the study will also evaluate the contribution of
Russia to the economic strength of Ukraine. Lastly, the study will
investigate the impact of Russian attack on Ukrainian economy.
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