Ayuba Ernest
Banned
As we all know, there's a war going on between Russia and Ukraine which has caused devastating results on the economy of Europe and the world at large. War isn't a good thing to hope for, for those of us who have tested what war feels like, we all agree that war brings a lot of negative side effects on the economy and the lives of people. Going forward, I will be listing some of the negative effects of war in a country's economy.
1. Slows down growth: what slows down growth and development of a country. War damages infrastructures such as hospitals, schools and other government owned infrastructures. There tend to be shortages of materials and the country has to start all over again by rebuilding and reconstructing all that has been lost.
2. Oil prices increases: we all rely on fossil fuel for doing our day-to-day task. What leads to higher prices of oil because all your supplies will be cut off. This will also lead to the increase of the cost of gas and would affect the global economy.
3. Rise in debt: during a war, government spend their money buying and upgrading military materials and even going ahead to borrow more than usual in order to support the military in the frontline.
1. Slows down growth: what slows down growth and development of a country. War damages infrastructures such as hospitals, schools and other government owned infrastructures. There tend to be shortages of materials and the country has to start all over again by rebuilding and reconstructing all that has been lost.
2. Oil prices increases: we all rely on fossil fuel for doing our day-to-day task. What leads to higher prices of oil because all your supplies will be cut off. This will also lead to the increase of the cost of gas and would affect the global economy.
3. Rise in debt: during a war, government spend their money buying and upgrading military materials and even going ahead to borrow more than usual in order to support the military in the frontline.
