Economic cost of wars in the world hit $19.1 trillion in 2023

Recent data indicated that the economic cost – quantifiable – of armed violence in the world reaches $19.1 trillion in 2023, which is equivalent to 13.5% of global GDP – or $2,380 less than the economic output per person in the world. This is an overall increase of $158 billion from the previous year, due to losses of about 20% in GDP, while total spending on peacebuilding and peacekeeping efforts reached $49.6 billion, which does not constitute 0.6% of total military spending. According to the 2024 Global Peace Index, which is based on 23 indicators summarized in 3 criteria (societal safety and security, the extent of ongoing local and international conflict; and the degree of militarization in different countries), 65 countries recorded an improvement in these indicators and 97 countries declined, which is the highest number since the index was established in 2008. In addition, the number of refugees and internally displaced persons increased to 95 million people, with 16 countries having at least 5% of their population as refugees or internally displaced persons. Last year witnessed 162,000 deaths due to conflict, the second highest death toll in 3 decades, and the wars (Russia-Ukraine, Israel-Gaza) were responsible for about 75% of the deaths, with the Russia-Ukraine war alone responsible for more than half (83,000 deaths), while the Gaza war witnessed at least 33,000 deaths by April 2024. The participation of countries in external conflicts also increased from 33 countries in 2008 to 92 countries. The world currently has 56 active conflicts, the highest number since the late 1940s, with fewer conflicts settled militarily or through peace agreements. This is a sign that the factors that usually precede major conflicts are more pronounced than they have been since the end of World War II. Afghanistan has been ranked the least peaceful country in the world for six years in a row, but this year it was overtaken by South Sudan, Sudan and Yemen. Ukraine fell two places to 159th, after last year’s biggest drop in the index, falling 14 places to 157th, an additional two places. Palestine recorded the biggest drop to 145th, while Israel ranked 155th on the list of least peaceful countries, while Ecuador, Gabon and Haiti all saw sharp declines in the rankings.