Three months after the war in Ukraine began, its economic consequences are affecting many key sectors of Spain’s economy. A conflict that threatens to drag on for a long time as Russian Vladimir Putin continues to face the funding needed to counter his invasion.
increase in price energyincrease in prices raw material And this supply problem, has been wreaking havoc in various areas for weeks. Before the outbreak of war, the global economy was facing serious challenges. Hangovers due to supply crunch, COVID or rapid social digitization, challenging transportation, automotive industry or textile sector. Sectors – all those – have only gotten worse in recent months.
transport, first victim
“The transportation sector is an intensive use of energy and is likely to be affected by higher oil prices,” he tells Coffe. On behalf of the insurer they indicate that areas such as sea or air transport They have already faced a significant drop in billing during the first quarter of 2022.
The pressure fuel is putting on transport is already felt in Spain. Last March there was a strike that was able to paralyze a good part of the Spanish commercial chain. Other distribution, manufacturing or food companies faced supply problems due to protests from transporters due to increase in petrol and diesel prices and in some cases- stoppage of activity,
After that, the government approved a bonus of 20 cents per liter of fuel still applicable.
An agri-food crisis could be deadly
However, and looking to the future, experts fear for the agri-food sector. rising costs of food and other products such as FertilizerThey can be fatal. The situation “may threaten global food security in addition to triggering” political instability, In some countries, he says.
A problem in the chain, in which the increase in energy is another link. Its increase contributes to the increase in the cost of raw materials. An area with a structural wound due to weather. “Strong a heat wave Which has affected different parts of the world since the beginning of the year, leading to massive droughts and fires in many producing countries.
Who can protest?
From the coffe they point to all areas that are separated by economic cycles, much less dependent on supply problems that war may escalate into in the future. From the insurer they focus on three: media, specialty chemicals and pharmaceuticals.
“They are countercyclical sectors, whose products and dominant market positions are concentrated in specific parts of the world,” he explains. These three—they tell the insurer—are “innovative and high-tech industrial activities with strong barriers to entry of new players”.
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