Unfortunately, the whole world has been affected by this war. Most of the population in one country or another has been or is being affected by commerce or personal finance.
Ukraine was one of the WFP’s top wheat suppliers before the war. Russia’s blockade of Ukraine’s Black Sea ports drove up food prices and created a bottleneck in food commodity supply chains. This then prevented Ukraine from fully exercising its export capacities. This is how the knock-on effect has spread.
How can we ensure financial wellness in such times?
Due to the fact this is a global issue, each identity will have to confront it as it sees fit to protect the company and in many cases, shareholders. Large companies and small businesses will need to establish a practical program that works to ensure that great losses are not incurred.
This is also where the general public are reporting extreme changes. Financial institutions recommend that the best way is to examine our finances, pensions and investments carefully and to be cautious with outgoing expenses to ensure financial wellness during this period. We may have always taken care of our expenditure, but during this crisis, it is imperative to be prudent.