The Cost of the Russia-Ukraine War on the Global Economy Revealed

In 2022, the war waged by Russia against Ukraine has cost the global economy over $1.6 trillion. This data was presented by the Rheinische Post on February 21, citing a report from the German Economic Institute (IW). This year, global economic losses could increase by an additional $1 trillion.

The war has led to disruptions in supply chains worldwide and a sharp increase in energy prices, the report states. Moreover, rising inflation has reduced consumers' purchasing power.

IW experts based their calculations on the autumn forecasts of the International Monetary Fund. At the same time, absolute losses in 2023 may be lower than the figures from the previous year. It is expected that tensions in global commodity and energy markets will decrease.