Ukrainian soldiers fire an Italian Mod 56 howitzer in the village of Avdijivka, February 19, 2023.
Düsseldorf – The war in Ukraine last year cost the world economy more than 1.6 trillion dollars (35.6 trillion CZK). This was reported today by the newspaper Rheinische Post with reference to a study by the German economic institute IW. The war in Ukraine has led to significant increases in energy and food prices as well as disruptions in supply chains.
Photo gallery: Russian invasion of Ukraine
“According to IW's estimate, the performance of the world economy last year was significantly more than 1,600 billion dollars lower than it would have been without the Russian invasion of Ukraine,” the paper quotes the author of the study, Michale Grömling. This year, according to a study, the war in Ukraine could reduce the performance of the world economy by another trillion dollars.
According to the January report of the International Monetary Fund (IMF), the growth of the world economy last year slowed to 3.4 percent from 6.2 percent in the previous year. This year, the IMF expects a further slowdown in growth, to 2.9 percent. Nevertheless, the fund improved its outlook for this year compared to its October forecast, in which it estimated this year's growth at 2.7 percent. However, the IMF slightly worsened the estimate of the growth of the world economy for next year, to 3.1 percent from the previously predicted 3.2 percent.
According to the IMF, the growth of the world economy this year will continue to be hampered by the negative effects of the war in Ukraine also the efforts of central banks to limit inflation. The world's leading central banks are now raising interest rates in response to rising inflation, undermining economic activity.