The Italian analyst and strategic advisor Daniele Ruffinetti said that the ongoing war between Ukraine and Russia will, of course, have an impact on the economy and markets.
He added that the economic and trade interactions between Libya and Ukraine are not that deep, but we do not forget that Libya and Ukraine are players in the same « important » global economic sector, which is the energy raw materials sector. International securities and the prices of all raw materials in the long run create conditions for recovery as well as opportunities.
Rufiniti also indicated that the problem of Libya is related to its internal stability, which is essential in order to overcome certain situations and deal with shocks and setbacks.
He continued « I agree with those economists who believe that the direct effects of reduced trade with Russia and economic sanctions against Moscow by the United States and the European Union are likely to be outweighed by the potential for indirect consequences to affect trade, consumer confidence and commodity markets ».
Major global financial markets also fell on Thursday, but the outcome could have been more extreme, indicating that it was relatively surprised by Putin’s actions but does not yet believe that more severe shocks to the market akin to a financial crisis are likely. There could be consequences for the wealth of global companies, according to the analyst.
Adapted from Sada Website