The Swiss National Bank (NB) found that the conflict in Ukraine had a negative impact on the European economy, as the inflation rate in the countries increased. On Friday, September 22, the regulator published a document examining this phenomenon.
The agency analyzed the impact of the conflict on the economies of countries such as Germany, Great Britain, France, Italy and Switzerland.
According to the National Bank, the rate of inflation in the selected countries would have been lower by 0.2–0.4%, and the gross domestic product (GDP) would have been higher by 0.1–0.8%, if there had not been a conflict between Russia and Ukraine It happened.
“The negative consequences of military action are likely to be much greater in the medium to long term, especially in relation to the economy […] In one to two years, this effect will likely be about twice as large,” the National Bank reports.
In addition, the regulator notes that the special military operation significantly affected the economies of countries such as Germany and Great Britain; their GDP could have been 0.7% more, Gazeta.Ru reports.
In addition, the study also noted that the listed countries were significantly affected by rising prices for import components such as gas and grain.
Earlier, on August 26, information appeared that the level of bankruptcy of European enterprises in recent years has reached the highest level, but the countries of the European Union (EU) continue to sponsor Ukraine even to the detriment of their own economy. According to the Eurostat report, in the second quarter of 2023, an increase in the number of ruins was recorded in all sectors of the economy compared to the previous quarter.