Impact of the Russia-Ukraine War on Global Retail and Supply Chains
The UK’s top-notch assignment writing service, Native Assignment Help, specialises in providing unparalleled quality and outstanding customer satisfaction through our case study UK. Our dedicated team can readily assist you with challenging essays or intricate research papers. Choose Native Assignment Help today and experience firsthand what a reliable and committed partner can achieve for you.
Introduction: Impact of the Russia-Ukraine War on Global Retail and Supply Chains
The retail industry is one of the effective industries that fulfill consumer requirements and demands as per the targeted times. The Russia-Ukraine war invasion adversely impacted retail industries across the globe. This essay has discussed the different theories of economics in the context of the retail industries and their role in the industries has been discussed below in this essay. The supply chain management of the retail industries has been adversely impacted due to the Russia-Ukraine invasion and it affected the core part of the retail industries. Moreover, the economic condition of the European countries has been affected and unable to grow their business due to the invasion of Russia and Ukraine.
Thesis statement
Russia-Ukraine war has adversely impacted the retail supply chain of the UK and across the globe.
Discussion
Explain waves and quantity of labour diagram
The worker and their wage are needed to provide time that should be motivated and deliver their best potential work. During the pandemic situation, there are many of the work wear are migrated which affects their wages. As per the view of Shirley and Sogaolu, (2020), Organizations are not giving their working wage at the time of migration, which should be affected by more employees' financial factors. They have lost their two or three-month salary because they left their jobs because of the global pandemic. As per the suggestion of Shapiro, (2020), a key component of the Western reaction to the Russian aggression on Ukraine has existed to impose boycotts, hinder financial activities and it has affected disrupting supply chains. Wages directly related to the labour job duration, which means if the job duration is more then they get more wages. It should maintain the working quality that should affected more on the development of the organization the ongoing war has an impact. The payments for a specified terrain are consumption matters, the business retailers assume an adaptation of technology helps in the development of the business as it.
The above graph represents the labour and their wages, which reflect more on the development of the wages of their work process. As cited byfrøyland et al. (2019), it has represented various colures that help to understand the way of increasing and decreasing the wage and labour work duration. The graph represents wages concerning the quality of labour. So if the wage is less than the quality of labour is low however if the wages are high then the ability of labour is high. It means the organization gives more wages for their best work. It should to get an outcome by the hiring of high-skill labour. Organizations are not giving their working wage at the time of migration, which should affected by more employees' financial factors. As per the suggestion of Szymczak et al. (2022), they have lost their two or three-month salary because they left their jobs because of the global pandemic. If the job duration is more then they get more wages. It should maintain the working quality that should affected more by the development of the organization. W1, w2, and w3 represent the wages of the labour and they ahs respect with pink black and green colours. It can deliver the project work on time by implementing construction tools it has affected more o the daily bases of wages where employees are reworked and want wages from the contractor.
As per the view of Lebanon, (2022), supply reflects the market ac\banality what customer demand in the market. It has also reset to the requirement of goods and e\service in the market. The major factor of supply management is to meet the customer demand and full fill their requirement. Supply and demand frequently believed to be essential concept within economics and is mostly used to define the price and availability of items. Critical thinking helps in developing innovative strategies required for the growth of an organization. The construction field has adopted a variety of digital sources for operating their everyday operations hence improving work efficiency and developing digital proficiency by enrolling on digital skill development workshops.
Capability and communication skills will also be developed will the help of enhancing digital skills and artificial intelligence tools include innovations in the construction industry. As per the suggestion of Campbell, (2019), it has, mentions communication using digital media and collaborative tools in the construction industry. Information technology is systematically used in construction work, it has provided flexibility, and more functions in their application. Technology permits contractors' management and project managers to make more time. It has given them the strength to buy their highly functional machines such as bulldozers, cranes, and gamble and dragline excavators. As cited by Zhang et al. (2020), This involved the entire transportation, and the barrier and increasing rates of fuel affect the price of retail goods, as a result, the prices are increasing and the stock rate is restricted in the ports. The view of the pitch should provided more comfortably on behave of grade, temperature, drainage design and grade of material that need more labour supply for the work prospective
The above figure represents the demand and supply in various sectors it has represented with blue and red colour bars, which means the demand, and supply of various factors of employment in the market. As per the suggestion of Szymczak and Wolszczak-Derlacz, (2022), the total private employment is effect by up to 2 points of the shock demonstration rate in the market here the mining and logging labour are effect at 1.5 % in the market. The major effect to be seen in the literature hospitality sector is affect more on the economic development of the organization. The construction industry is also more affected by providing wt\thaw wages to the employees does it need to implement the technology to measure the data and information for the labor it has affected 3.0% of the supply and demand of labour. As per the view of Inver et al. (2019), Supply and demand are frequently believed to be essential concepts within economics and it has a fact of 2.2%. The graph is mostly used to define the price and availability of items. Critical thinking helps in developing innovative strategies required for the growth of an organization. Transportation and wear hounding should also affect more.
Impact on the supply chain of the retail sector
The Russian attack on Ukraine was a major loss and it impacts the worldwide retail sector and majorly the UK. Staple produce is driving up the price of living for numerous consumers over the world. As opined by Ngoc et al. (2022), the following sanctions against Russia by numerous Western economies have been satisfied with revenge from Moscow. This possesses sanctions that instantly impact retail actions, such as limiting international shipping, payment methods, and cash transfers. The recent global geopolitical environment is explosive, and this will include ongoing importance for retail demand. Retail sectors are undergoing unfavourable demand situations; non-essential interests will be considerably affected. As per the observation of Jagtap et al. (2022), A key component of the Western reaction to the Russian aggression on Ukraine has existed to impose boycotts, hinder financial activities and it has affected disrupting supply chains. The ongoing war has an impact.
The conflict between the two countries has impacted the entire financial condition. As per the observation of Korosteleva (2022), the retail industries are developing the use of smart technologies in business to offer customers a better, quicker, safer, and more convenient investment experience. It uses new technologies to enhance conventional shopping for consumers and companies. The payments for a specified terrain are consumption matters, an adaptation of technology helps in the development of the business as it is assumed by the business of retailers, and shower the restriction from the country's boundaries, and the effect of war is imposed on the sales of retail industries. As opined by Lim et al. (2022), the country's ongoing war was a big barrier to managing the supply chain. This sudden announcement of war affected the entire supply chain of the retail institutes and it failed the strategies of delivering fast products to the customers. As per the observation of Deng et al. (2022), the preparation structure was entirely ruined and the ports are restricted, and the airways are restricted.
The Russia-Ukraine war impacts the Macroeconomic
The Russia-Ukraine war impacts macroeconomics across the globe. Macroeconomics includes the performance of the country's GDP and evaluates the economic output, analysing the inflation rates and the balance of payments of a country. As opined by Meji et al (2023), the Russian invasion of Ukraine has exacerbated food security across the globe and created food security issues all around the world. The people have been suffering to adopt the food and take the effective cereals for their life. In addition, Russia alone exports 28 % of wheat, 16% of maize and 65% of sunflower seed to European countries as well as the across the world (Meji et al 2023). As opined by Jagtap et al (2022), food has been found as the most effective trade as good for countries that enhance supply chain management and creates an effective relationship with other countries. In addition, the disruption of the food creates problems in supply chain management issues that adversely impacted the retail industries across the globe.
The above figure depicted the fiscal measure has been taken by the European countries governments during the period of the Russia-Ukraine war. The support in the terms of the bulk amount has been taken by several governments to curb the cost of energy and build strong supply chain management within the continents. The fiscal measures have shown the budget allocation of the different countries to support the compensation of the energy prices within the continents of Europe.
Supply chain management disruption in the retail industries
The supply chain management has been found as the core part of the retail business and its implications to build a strong relationship with suppliers. Global supply chain management has been temporarily halted by the Russia-Ukraine invasion and its impact has been seen in the retail industries.
The above figure depicted the forecast of inflation across the globe by the IMF. The high inflation has been seen since Jan 2022 due to the Russia-Ukraine invasion. This conflict has generated the loss of people's jobs and created more inflation across the globe. Russia's Ukraine war creates more inflation and suffering the countries due to the high cost of energy prices. The IMF has projected the forecast of the data of inflation that indicated high inflation in the year 2022 (Weforum.org, 2023). Inflation has required tight monetary policies in European countries to mitigate inflation. Effective monetary policies will reduce inflation and creates more volatile economies within the countries.
Theories and the analysis
As opined by Terra et al (2020), the Keynesian theories of economic development imply that the function of the spending of money evaluates consumption and investment. In addition, Russia's Ukraine war created liberalism and built liberals values across the globe. Global inflation has been raised due to the disruption of the supply chain management and different monetary stimulus has been raised. The Keynesian economic theories say that the government adopts different strategies in order to boost the growth of the economy.
Overcome Economics Assignment With Native Assignment Help! Our economics gurus offer lucid thoughts on microeconomics, macroeconomics, and analysis of economic policy. Rely on Native Assignment Help for your thoroughly researched assignments that show you understand the principles of economics.
Conclusion
This paper concludes the impact of the Russia and Ukraine war, the war impacted on the sales and supply chain of the retail business. Increasing rates of gas and oils is a concern as it affected the entire transportation cost and impacted the entire shipping of the transportation. The increasing rates of transportation as well as the barrier in the country's border impacted the entire retail industry of the UK. The announcement of war affected the whole supply chain of the retail institutes and it failed the strategies of producing fast products to the customers. Possesses sanction, immediately impacts retail measures, and includes altering international shipping. The shipment cost of the UK's retail industries and the lack of labour forces is a matter of concern and it affected the market of UK retail industries. This impacts the development of the Asian retail market and the decreasing sales of the UK's retail market.
Reference
Astrov, V., Grieveson, R., Kochnev, A., Landesmann, M. And Pindyuk, O., 2022. Possible Russian invasion of Ukraine, scenarios for sanctions, and likely economic impact on Russia, Ukraine and the EU (No. 55). Policy Notes and Reports. Http://hdl.handle.net/10419/252311
Campbell, I., 2019. Harvest labour markets in Australia: Alleged labour shortages and employer demand for temporary migrant workers. TheJOURNAL OF AUSTRALIAN POLITICAL ECONOMY, (84), pp.46-88.
Deng, M., Leippold, M., Wagner, A.F. and Wang, Q., 2022. Stock prices and the Russia-Ukraine war: sanctions, energy and ESG. Https://papers.ssrn.com/sol3/papers.cfm?Abstract_id=4121382
Frøyland, K., Andreassen, T.A. and Innvær, S., 2019. Contrasting supply-side, demand-side and combined approaches to labour market integration. Journal of Social Policy, 48(2), pp.311-328.
Jagtap, S., Trollman, H., Trollman, F., Garcia-Garcia, G., Parra-López, C., Duong, L., Martindale, W., Munekata, P.E., Lorenzo, J.M., Hdaifeh, A. And Hassoun, A., 2022. The Russia-Ukraine conflict: Its implications for the global food supply chains. Foods, 11(14), p.2098. Https://doi.org/10.3390/foods11142098
Jagtap, S., Trollman, H., Trollman, F., Garcia-Garcia, G., Parra-López, C., Duong, L., Martindale, W., Munekata, P.E., Lorenzo, J.M., Hdaifeh, A. and Hassoun, A., 2022. The Russia-Ukraine conflict: Its implications for the global food supply chains. Foods, 11(14), p.2098. https://doi.org/10.3390/ foods11142098
Korneyev, M., Berezhniuk, I., Dzhyndzhoian, V., Kubakh, T. And Horb, K., 2023. Business marketing activities in Ukraine during wartime. Http://biblio.umsf.dp.ua/jspui/handle/123456789/4882
Korosteleva, J., 2022. The Implications of Russia's Invasion of Ukraine for the EU Energy Market and Businesses. British Journal of Management, 33(4), pp.1678-1682. Https://doi.org/10.1111/1467-8551.12654
Lebaron, G., 2021. Wages: An overlooked dimension of business and human rights in global supply chains. Business and Human Rights Journal, 6(1), pp.1-20.
Lim, W.M., Chin, M.W.C., Ee, Y.S., Fung, C.Y., Giang, C.S., Heng, K.S., Kong, M.L.F., Lim, A.S.S., Lim, B.C.Y., Lim, R.T.H. and Lim, T.Y., 2022. What is at stake in a war? A prospective evaluation of the Ukraine and Russia conflict for business and society. Global Business and Organizational Excellence, 41(6), pp.23-36. Https://doi.org/10.1002/joe.22162
Meijl, H., Bartelings, H., van Berkum, S., Cui, D., Kristkova, Z. and van Zeist, W.J., 2023. Impact of the Russia-Ukraine war on global food security: Food affordability under pressure. DOI: https://doi.org/
Min, S., Zacharia, Z.G. and Smith, C.D., 2019. Defining supply chain management: in the past, present, and future. Journal of business logistics, 40(1), pp.44-55. doi: 10.1111/jbl.12201
Ngoc, N.M., Viet, D.T., Tien, N.H., Hiep, P.M., Anh, N.T., Anh, L.D.H., Truong, N.T., Anh, N.S.T., Trung, L.Q. and Dung, V.T.P., 2022. Russia-Ukraine war and risks to global supply chains. International Journal of Mechanical Engineering, 7(6), pp.633-640. Https://www.researchgate.net/profile/Nguyen-Tien-32/publication/361701652_Russia-Ukraine_war_and_risks_to_global_supply_chains/links/62c05267894d625717c14a3e/Russia-Ukraine-war-and-risks-to-global-supply-chains.pdf
Ngoc, N.M., Viet, D.T., Tien, N.H., Hiep, P.M., Anh, N.T., Anh, L.D.H., Truong, N.T., Anh, N.S.T., Trung, L.Q. and Dung, V.T.P., 2022. Russia-Ukraine war and risks to global supply chains. International Journal of Mechanical Engineering, 7(6), pp.633-640. https://www.researchgate.net/profile/Nguyen-Tien-32/publication/361701652_Russia-Ukraine_war_and_risks_to_global_supply_chains/links/62c05267894d625717c14a3e/Russia-Ukraine-war-and-risks-to-global-supply-chains.pdf.
Sakas, D.P., Giannakopoulos, N.T., Terzi, M.C., Kamperos, I.D.G., Nasiopoulos, D.K., Reklitis, D.P. and Kanellos, N., 2022. Social Media Strategy Processes for Centralized Payment Network Firms after a War Crisis Outset. Processes, 10(10), p.1995. Https://doi.org/10.3390/pr10101995
Schirle, T. and Sogaolu, M., 2020. A work in progress: Measuring wage gaps for women and minorities in the Canadian labour market. CD Howe Institute Commentary, 561.
Setterfield, M., 2023. Whatever happened to the ‘Goodwin pattern’? Profit squeeze dynamics in the modern American labour market. Review of Political Economy, 35(1), pp.263-286.
Shapiro, A., 2020. Dynamic exploits: calculative asymmetries in the on?demand economy. New Technology, Work and Employment, 35(2), pp.162-177.
Szymczak, S. and Wolszczak-Derlacz, J., 2022. Global value chains and labour markets–simultaneous analysis of wages and employment. Economic Systems Research, 34(1), pp.69-96.
Terra, F.H.B., Ferrari Filho, F. and Fonseca, P.C.D., 2021. Keynes on state and economic development. Review of Political Economy, 33(1), pp.88-102. http://https://doi.org/10.1080/09538259.2020.1823072
Thomas, (2022). Retailers start to warn of business impact from Russia’s invasion of Ukraine. Available from https://www.cnbc.com/2022/03/03/ukraine-news-retailers-start-warn-of-business-impact-from-russian-invasion.html. Accessed on 01.03.2023
Weforum.org, (2023). IMF: World economic outlook is starting to recover. Available from https://www.weforum.org/agenda/2023/02/imf-global-growth-forecast-inflation-cools-inflation/. Accessed on 01.03.2023
Westphal et al (2022). Euro area fiscal policy response to the war in Ukraine and its macroeconomic impact. Available from https://www.ecb.europa.eu/pub/economic-bulletin/focus/2022/html/ecb.ebbox202205_07~6db6f2c297.en.html. Accessed on 01.03.2023
Zhang, P., Zhao, L., Vata, O. and Rajagopal, S., 2020. Restructuring seafarers’ welfare under the Maritime Labour Convention: an empirical case study of Greece. Maritime Business Review, 5(4), pp.373-389.
