UAE minister predicts $2.8 trillion loss to global economy due to Russia-Ukraine war

Losses to the global economy from the ongoing conflict in Ukraine could amount to $2.8 trillion.

The prediction came on February 13 by Minister of Cabinet Affairs of the United Arab Emirates Mohammed Abdullah Al Gergawi at at the World Government Summit in Dubai, according to Khaleej Times.

“Unfortunately, we also have a Russian-Ukrainian which might cost the world nearly 2.8 trillion dollars and there is an increasing fear of a nuclear war,” he said adding that the world is also going through the largest rate of inflation since a decade and food prices that are the highest the world has seen since 60 years.

Al-Gergawi did not specify what his forecast is based on, but in September last year the Organization for Economic Cooperation and Development (OECD) published a report according to which the consequences of the Russian military operation in Ukraine could lead to a reduction in the global economy in 2023 by 2%, which is equivalent to $ 2 .8 trillion