SOCIO-ECONOMIC IMPLICATIONS OF THE WAR IN UKRAINE FOR THE EUROPEAN UNION

Abstract

The purpose of this study is to identify the key implications of the war in Ukraine for the EU's socio-economic situation in a globalised world. The study demonstrates that the war in Ukraine represents an alarming humanitarian crisis and a serious economic shock. Asymmetric effects between countries due to the war will also include higher inflation and a decline in international trade over the next two years. The consequences of war will weigh not only on the material level but above all on the social level, as war results in thousands of deaths and increased emigration. The diagnosed consequences may remain relevant after the end of the conflict and should be taken into consideration in the formation of reconstruction strategies and policies in the EU and Ukraine.