Globalisation and interdependence create vulnerabilities and a European war has international consequences. Russia’s invasion of Ukraine has created food and energy crises, disrupted trade relationships, fuelled inflation, lowered expected growth rates, triggered recessions and compounded the economic damage, fragility and disruption caused by a global pandemic. Resulting rearmament programmes increase pressure on natural capital and divert attention, capabilities and resources from priorities such as climate adaptation and mitigation. Divisions between democracies and authoritarian regimes have widened when collaboration and collective responses are needed to address existential threats. Economic recession presents opportunities as well as challenges. It could be beneficial if it results in responsible innovation and changes of purpose and priorities that support necessary transition to more sustainable and inclusive activities, infrastructures and lifestyles while there is still time.
Keyword:Vulnerability & Recession, Economic Issues, Globalization
Prof. Colin Coulson-Thomas