Russia’s invasion of Ukraine will cost the global economy $2.8 trillion in lost output by the end of next year!
Or even more, if a severe winter leads to energy rationing in Europe,the Organization for Economic Cooperation and Development said Monday.
Tweet on OECD analysis about the cost of war
Russia’s War affecting global economy over $ 2.8 Trillion, OECD says
Russia’s invasion of Ukraine will cost the global economy $2.8 trillion in lost output by the end of next year,or more if a severe winter leads to energy rationing in Europe- @OECD_Stathttps://t.co/4wDvpASX5X
— The_Journalbiz (@the_journalbiz) September 27, 2022
Research body says loss of output could be larger if Europe faces energy shortages during a severe winter
Russia’s attack on Ukraine has sparked a surge in energy prices that has weakened household spending, the estimate by the Paris-based club of advanced economies lays bare the magnitude of the economic fallout from Moscow’s invasion of its neighbor seven months ago, the biggest military conflict on the continent since World War II, as Russia’s attempts to redraw the map of Europe by force.
Russia’s attack has sparked a surge in energy prices that has weakened household spending and undermined business confidence, particularly in Europe.
The conflict has dislocated supply chains, caused shortages of food and other essentials and shaken markets across the globe