21.02.2023
The war in Ukraine cost the global economy more than $1.6 trillion last year, according to a study by the German Institute for Economic Research (IW) in Cologne.
(Deutsche Welle Chinese website) The Rheinische Post quoted an unpublished study by the German Institute for Economic Research (IW) in Cologne reporting that the Russian invasion of Ukraine cut global economic output by more than $1.6 trillion last year.
The study noted that the war has affected production and supply worldwide, leading to soaring energy prices, soaring inflation and reduced purchasing power of consumers. The unstable economic outlook has also led to increased financing costs, and rising investment product prices have also put the brakes on investment by global companies. “Global output will fall by another $1 trillion in 2023,” the report reads.
On February 20, Marcel Fratzscher, director of the German Institute for Economic Research (DIW) in Berlin, pointed out in an interview with the Rheinische Post:The Russo-Ukraine war and the ensuing spike in energy prices cost the German economy 100 billion euros last year, regarding 2.5% of the total economic output. According to the estimates of the German Chamber of Commerce, by the end of 2023, the Russo-Ukrainian war will cause a cumulative loss of 160 billion euros to the German economy, which is equivalent to a loss of 2,000 euros for each German resident.
Economic aspect |
20.10.2022
(Rheinische Post, etc.)
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