War a bigger economic wrecking ball than fires, floods or financial crisis

New research from the International Monetary Fund revealed that war imposes a greater economic burden than natural disasters or debt defaults. A major war results in a cumulative GDP loss of 7 percent over five years, significantly impacting nations like Australia, which plans to increase defense spending to 2.4 percent of GDP amid rising costs from the Iran conflict.

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Summary by Glance · Original reporting by The Age