South Asia suffers from fallout of Russia’s actions
The invasion of Ukraine has caused price shocks in South Asia at a time when its countries were already struggling to cope with economic crises.
Despite South Asia being one of the least connected regions in the world, its economies do share numerous similarities – and the fact that Sri Lanka, Pakistan, and Nepal are each currently facing a mixture of economic and political crises reflects replication rather than contagion.
Russia’s invasion of Ukraine, coming as it does two years into a global pandemic, has led to soaring prices of fuel and wheat – the latter to a level last seen in 2008 which was a factor in triggering the Arab Spring.
This time it is South Asia’s turn to be the first region to undergo political and economic turmoil because of rising commodity prices, on top of a combination of economic mismanagement and the impact of the pandemic.
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