The world had been battling against covid-19 and many had suffered. Now with the war between Ukraine and Russia which erupted a few days ago and there is a fear that this war can lead to 3rd World War, but, it should be foreseeable that the war will have impact on the economy the whole world.
We do not know how long this war will last and let us all pray the war will end soon. This war may involve superpowers fighting for supremacy to control world economy and materials, especially, metals, oil and gas.
There could be increase of crimes, unemployment, disease, famine, starvation, inflation and climate change caused by the war. There may also be shortage of essential metals in the global market.
The war can slow down economic activity and cause raising prices of food and materials.
Malaysia needs, caused by this war between Ukraine and Russia, be prepared against supply chain chokeholds and leaps in prices of raw materials, food, oil and gas. Most Malaysians are not rich and they will be affected most as they may spend higher share of their incomes on food, petrol for their cars and gas for their domestic use. The government may need to think of piling food, especially, sugar, rice and oil to overcome possible food shortage caused by the war.
At the same time, the government needs to ensure that the country shall have enough supply of medicines and medical equipment for the needs of the people in the country. If super powers may get themselves involved directly or indirectly in the war, it is better for us be prepared for the worst thing to happen affecting Malaysia.
VOON LEE SHAN
Parti Bumi Kenyalang,27 February, 2022