Russia's Invasion Of Ukraine Shaves Off $1-T From Global GDP

The Economist has reported that Russia’s war in Ukraine has taken $1 trillion off this year’s forecast for global GDP.

Photo Insert: EIU, which expects the war in Ukraine to “continue until at least the end of the year,” has revised its global growth estimates down by 1.1 percentage points, to 2.8% year-on-year.

The Economist Intelligence Unit's (EIU) global economic forecast published on Feb. 15 said the world’s GDP was expected to increase by 3.9% in 2022, “after a stellar 2021,” Kyiv Independent reported.

However, EIU, which expects the war in Ukraine to “continue until at least the end of the year,” has revised its global growth estimates down by 1.1 percentage points, to 2.8% year-on-year, which means that Russia’s war in Ukraine “has taken $1 trillion off this year’s forecast for global GDP.”

The Barbados-flagged cargo ship Fulmar S is heading to Chornomorsk, Ukraine where it will be loaded with grain. The cargo ship was inspected by the Joint Coordination Center (JCC) formed under the Black Sea Grain Initiative in Istanbul on July 27, 2022.

It comprises senior representatives from Ukraine, Russia, Turkey, and the UN. On August 5, Infrastructure Minister Oleksandr Kubrakov said three bulk carriers, Navi Star, Rojen, and Polarnet, with 57,000 tons of corn, are heading to Turkey, the UK, and Ireland.

Ukrainian President Volodymyr Zelensky says Kyiv will be increasing grain export to the global market. Zelensky explained that "the more our grain will be on the global market, the smaller will be the harvest of political chaos in countries, primarily in Africa and Asia, but not only there."

He said Ukraine expects its grain and oilseeds harvest of more than 65 million tons and expressed hope that the food crisis, which has been so threatening to the world, can be overcome.

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