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OECD: Russia's war in Ukraine will cause $2.8 trillion in global economic losses

by The Kyiv Independent news desk September 26, 2022 4:30 PM 1 min read
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The Organisation for Economic Co-operation and Development has projected global economic growth to slow to just 2.2% in 2023, which is $2.8 trillion lower than the OECD forecast before Russia's full-scale invasion of Ukraine.

The war has increased energy prices and the cost of living, especially in Europe, causing inflation to reach "levels not seen since the 1980s," the OECD reported on Sept. 26.

"The global economy has lost momentum in the wake of Russia's unprovoked, unjustifiable and illegal war of aggression against Ukraine. GDP growth has stalled in many economies, and economic indicators point to an extended slowdown," OECD Secretary-General Mathias Cormann said.

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5:17 PM

Ukraine increases defense spending by almost $12 billion in 2024.

"Financing the needs of Ukrainian forces is now a top priority. Additional funds for weapons, fortifications, and salaries for servicemen are a critical component of countering the military aggression of the Russian Federation against Ukraine," Deputy Defense Minister Yurii Dzhyhyr said.
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