The level of global GDP could be reduced by 1% by 2023 because of the full-scale war Russia unleashed in Ukraine

The war Russia started against Ukraine could knock $1 trillion off the value of the world economy in 2023 and add 3% to global inflation in 2022, according to UK’s National Institute for Economic and Social Research. The analysts say the sanctions imposed on Russia because of the war will damage the country’s economy. Russian GDP is expected to contract by 1.5% this year and more than 2.5% by 2023. Also, Russian inflation is expected to soar above 20% this year.

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