It's been nearly 10 months since Russia invaded Ukraine and sent Europe and the global economy into a tizzy. There are no signs of any breakthrough so far as Ukrainians enter a potentially deadly winter season. For a world struggling to recover since the pandemic, the war in Ukraine came as yet another jolt.

Many global economies are expected to slip into a recession in the next few months. While developing economies like India may not see a recession, growth will certainly take a beating and exports will come under pressure. How can we navigate this uncertain environment? What can businesses do and what will the future look like?

CNBC-TV18 spoke to Thomas Loren Friedman, Pulitzer-winning journalist and columnist at the New York Times, and Uday Kotak, former CII President and MD and CEO of Kotak Mahindra Bank who are very keen watchers of the world economy.

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When asked what is the most likely outcome of Russia Ukraine situation in 2023, Friedman said the war's most likely outcome is a frozen conflict.

He said, "I think the most likely, not the most certain, but the most likely outcome is a frozen conflict. More like Turkey, Greece, and Cyprus, where neither side surrenders, neither side even agrees to a formal ceasefire. But basically, they freeze their forces in place. Russia has taken a bite out of eastern Ukraine bigger than Crimea. But Zelenskyy and the Ukrainians have preserved, four-fifths of the country, and, and we will just adapt around that. I think of all the options, that's the most likely."

For the entire discussion, watch the accompanying video

First Published:Dec 8, 2022 8:57 PM IST