The world is bidding farewell to one of the worst economic crises during the current century. A few years after it started recovering from the Global Financial Crisis of 2008, the world was swept up by the COVID-19 pandemic, which disrupted economic activity and led to a total disruption of multiple sectors, notably airlines, tourism, hospitality and F&B.
As the world started sighs of some relief on a gradual return from virus attack, another catastrophe occurred. This was in the shape of the Ukraine situation, and which led the world to slide into another phase of economic deterioration caused by volatile supply chains, including that for food commodities.
The war also led to a deterioration in the industrial sector due to a lack of energy resource availability, and a significant rise in inflation rates, further harming living standards in many countries.