The increasing cost of living.

The world has been going through another recessionary phase as the cost of living across the world has unprecedentedly increased due to the fluctuation in the global supply chain. The war in Ukraine and the events of the pandemic and trade wars immensely impacted the world economies.

The UK PM Liz Truss stepped down from her position; Germany Olaf Scholz voiced his apprehensions regarding the energy crisis and search for other countries to acquire the needed energy resources and the protests in France. From Europe to Asia the cry for a stop to inflation is unambiguous. The IMF in its recent report titled 'Countering the cost of living' said that the world will experience a contraction in the global growth rate of 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023.

Moreover, inflation is also expected to increase simultaneously. This series of events are showing the downward trajectory of the global economy. Interestingly, in this precarious time, geopolitical interests are...