Markets' first reaction to Russian and Hamas aggression

October 24, 2023

The struggle of Ukraine against Russian aggression, which had, has and will have a significant impact on the geopolitical and geoeconomic map of the world, has already revealed the controversial risks and challenges of the modern world characterized by confrontation between democratic and authoritarian societies, demonstrated the high interdependence of events and processes in the most remote countries.

The war started by Russia had a significant impact on the global economic environment from its very beginning, provoked energy (primarily in Europe) and food (mostly in the developing countries of Asia and Africa) crises, caused an inflationary shock, so that central banks had to tighten their monetary policy to respond to it.

It seemed that the Hamas attack on Israel might similarly disturb the world economic and financial markets, raise risks for business activity and accelerate the flight of resources to "safe havens". However, surprisingly, the magnitude of the changes turned out to be significantly smaller than the effects of potential risks usually associated with geopolitical military conflicts. 

Read the full text in Ukrainian here

Vasyl Yurchyshyn

Director, Economic Programmes

Born in 1955 in Kamyanets-Podilskyi.


T. Shevchenko Kyiv State University, Department of Cybernetics (1977).

Institute of Public Administration and Local Government at the Cabinet of Ministers of Ukraine (1994).

Professor in Public Administration. Author of nearly 100 scientific works.


In 1977–1993, worked at the Kyiv University as an engineer, research fellow and senior research fellow;

1994–1999 — head economic researcher at the International Centre for Policy Studies, Fund for Banking and Finance Development;

1999–2004 — Assistant Professor, Department of Economic Policy of the Ukrainian (currently, National) Academy of Public Administration, office of the President of Ukraine;

1999–2004 — Research Director at the Agency of Humanitarian Technologies, later — Agency for Social Analysis;

2002–2003 — advisor to the Minister of Economy of Ukraine;

since April, 2004 — Professor, Department of Economic Policy of the National Academy of Public Administration, office of the President of Ukraine;

since June, 2005 — Economic Programmes Director at Razumkov Centre.

(044) 201-11-90