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This report analyzes the economic development following the COVID-19 outbreak and the Russia-Ukraine war.

The COVID-19 pandemic not only had an immense impact on our social life but on the global economy as well. Due to a widespread uncertainty and new circumstances, the pandemic brought the global economy to its knees, resulting in the biggest stock price collapse since the 2008 financial crisis. But while COVID-19 cases were still increasing, the second half of 2020 already started to bring partial economic recovery. This rebound was however abruptly slowed down in the first half of 2022 as Russia invaded Ukraine on February 24th, 2022. The war in Ukraine has brought further uncertainty in the global economy, causing a sizable humanitarian crisis and a sharp increase in inflation rates worldwide. Commodities as wheat, fertilizers, and nickel as well as gas and oil have recorded among the highest increases in their prices.