London, June 11 (EFE).- The economic impact of violence reached $19.1 trillion in 2023, according to the latest Global Peace Index published on Tuesday.
The Institute for Economics and Peace (IEP) reported that violence cost the global economy 0.83 percent more than in 2022, primarily due to a 20 percent increase in GDP losses from conflict.
“The largest increases in the economic impact of violence occurred in Palestine and Israel, where the total impact increased by 63 percent and 40 percent respectively,” according to the survey.
Ukraine, Afghanistan, and North Korea faced the highest economic costs of violence relative to their GDPs in 2023, at 68.6 percent, 53.2 percent, and 41.6 percent, respectively.
“The global economic impact of violence was…equivalent to 13.5 percent of global GDP, or $2,380 per person,” said the survey.
Conflicts in Gaza and Ukraine were major contributors to the global decline in peacefulness, with overall global peacefulness deteriorating by 0.56 percent.
This marks the 12th decline in peacefulness in the past 16 years, with 65 countries improving and 97 worsening, the highest number of deteriorations in a single year since the index began in 2008.
The data underscores the link between peaceful societies and economic growth, stronger currencies, and increased foreign investment. Iceland, Ireland, Austria, New Zealand, and Singapore were the top five most peaceful countries in 2023.
Yemen was the least peaceful country in 2023, followed by Sudan, South Sudan, Afghanistan, and Ukraine.The index also found a growing “peace inequality,” with the gap between the most and least peaceful countries larger than ever.
“Compared to 2008, the 25 most peaceful countries were one percent more peaceful in 2024, while the 25 least peaceful countries were 7.5 percent less peaceful.”
Global peacefulness has declined by 4.5 percent since 2008. While safety and security improved slightly, ongoing conflict and militarization worsened.
Conditions preceding major conflicts are at their highest since World War II. There are currently 56 active conflicts, the most since WWII, with fewer conflicts being resolved either militarily or through peace agreements.
The number of conflicts ending in decisive victory fell from 49 percent in the 1970s to 9 percent in the 2010s, and those ending through peace agreements fell from 23 percent to 4 percent.
Conflicts are increasingly internationalized, with 92 countries involved in conflicts beyond their borders, complicating peace negotiations.
“The internationalisation of conflict is driven by increased great power competition and the rise of middle level powers, who are becoming more active in their
regions.”
Last year, over 162,000 people lost their lives from internal conflicts, the second highest number recorded since 2008. Ukraine accounted for more than half, with 83,000 deaths in conflict and with estimated figures of at least 33,000 deaths for Palestine through April 2024.
“Conflict negatively affects the global economy, and business risk from conflict has never been higher, compounding the current global economic vulnerabilities,” Steve Killelea, founder and executive chairman of IEP, said.
He said it was imperative for governments and businesses worldwide to intensify their efforts to resolve the many minor conflicts before they escalate into larger crises.
“It’s been 80 years since the end of WWII, and the current crises underscore the urgency for world leaders to commit to investing in resolving these conflicts.” EFE
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