The cost of the war between Ukraine and Russia on the world economy has been revealed.

In the investigation carried out by the German Institute for Economic Research (DIW), it was stated that the damage of the Russia-Ukraine war, which began on February 24, 2022, to the world economy is 1.6 trillion dollars.

Michael Groemling, one of the research team, stressed that the war is of great global economic importance and said that problems related to the supply of energy and raw materials put pressure on companies.

“High energy prices caused cost increases in the production phase, making calculation difficult for many companies,” the DIW statement on the investigation says. The research results claimed that the global economy could generate $1.6 trillion in revenue by 2022, but was unable to do so due to the war.

Furthermore, Groemling claimed that he predicted a global value-added loss of $1 trillion in estimates by 2023, saying, “Unfortunately, the danger has not yet passed this year.” (DHA)