Global economic output is about $1.5 trillion lower by the end of 2022 as a result of Russia’s invasion of Ukraine, according to the British research institute NIESR, which represents a 1% loss of gross domestic product (GDP) worldwide. expected to be.

In its first report on the global economic outlook since the outbreak of war in late February, NIESR said the conflict-driven rise in energy and food prices, as well as a decline in consumer confidence, will hurt global activity. companies.

NIESR now forecasts the global economy to grow by 3.3% this year. In January, he had expected a 4.2% increase in world GDP. The Institute lowered its forecast for 2023 from 3.5% to 3.2%.

With the exception of Russia, Ukraine and some neighboring countries, the eurozone is likely to be more penalized for the effects of the war.

NIESR reiterated its forecast for US GDP to rise 3.5% this year, while lowering the bloc’s growth forecast to 3% from 3.8%.