Introduction:

The next phase in the development of the global economy, after the impact of the COVID-19 pandemic, has come under the shadow of a new challenge: the intensification of the sanctions war between Western and Eastern countries. This conflict, which began between 2008 and 2014 and resumed with renewed vigor in 2022, has had an inherent impact on the global financial community. In this text, we offer a closer look at the effects of the economic crisis, the impact of sanctions and customs barriers, and provide possible strategies for overcoming the challenges using financial innovation.

 

The economic crisis and its aftermath:
Following the unrest caused by the global pandemic, the escalating sanctions standoff between the world's leading powers has become a new challenge for the entire global economy. According to the World Bank, economic growth is expected to decline by 5% in 2024, the highest point in decades. This indicates a global economic downturn caused by the impact of two powerful crises in a short period of time.