It's still too early to make any specific predictions about the impact of the Russian invasion of Ukraine on the global economy, but Bill Wood, Plastics News' economics editor, says the new pressures will only add to problems already out there for individual businesses.
"One thing I know, the uncertainty we're dealing with at the moment probably won't result in lower costs," he said during a Feb. 23 Numbers That Matter Live video discussion.
With existing issues related to resin prices, inflation and labor shortages, the crisis in Europe will likely complicate an already difficult balancing act.
"Expect more of the same, only more intense," he said.
Plastics businesses must take a careful look at where they are most vulnerable to those uncertainties, rather than trying to wrap their arms around everything.
"If you get caught up worried about all the myriad possibilities, you're going to end up in more trouble than you started with," he said. "Keep it focused, stay balanced, think about one or two different things.
"We've seen bad actors before on the global stage," he added. "That doesn't mean this is going to be worse or better, but don't be complacent and think this is just going to go away."
Wood and Editor Don Loepp also talked about inflation, labor and resin prices during the 45-minute event. The video is archived here for PN subscribers.