Lloyds of London warns global economy could lose$14.5 trillion over five years

Lloyds of London has warned that due to geopolitical conflicts affecting supply chains the global economy could see loses of $14.5 trillion over the next five years.

Reuters reported on Wednesday the economic impact could be affected due to extreme damage to infrastructure amid the war in Ukraine, Gaza, Lebanon and the shipping routes in the Red Sea and Black Sea.

Lloyds said, “With more than 80% of the world’s imports and exports – around 11 billion tons of goods – at sea at any given time, the closure of major trade routes due to a geopolitical conflict is one of the greatest threats to the resources needed for a resilient economy.”