TODAY'S EDITORIAL: Counting the global cost of Ukraine war
THE UN General Assembly on Wednesday passed a resolution calling on countries not to recognize the regions of Ukraine which Russia has claimed, and demanding that Moscow stop their 'attempted illegal annexation.'A huge majority of 143 member states — including the Philippines — voted in favor of the resolution. Five voted against, and 35 abstained.
The world, however, cannot afford a forever war in Ukraine because the ripple effects worldwide will be calamitous.The Organization for Economic Cooperation and Development, a Paris-based group of advanced economies, estimates that the Russian invasion of Ukraine will cost the global economy $2.8 trillion in lost output by the end of next year.The losses will be bigger if a severe winter forces energy rationing in Europe, it said.
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