Russia's war against Ukraine will cost the global economy more than $1.6 trillion (1.5 trillion euros) in 2022 alone. These figures were reported by the Rheinische Post on Tuesday, February 21, citing a report by the Institute for German Economics (IW) at the editor's disposal. Economists estimate that this is the size of the drop in world output. This year the losses of the world economy may rise by another $1 trillion (940 billion euros).

The war has disrupted supply chains worldwide and pushed up energy prices, according to the report. In addition, rising inflation has reduced the purchasing power of consumers, it is further indicated.

The IW experts used the fall forecasts of the International Monetary Fund as a basis for calculations. At the same time, the absolute losses in 2023 may be lower than in the previous year, economists admit, expecting that the tension in global commodity and energy markets will decrease.