Geopolitical strife could cost global economy $14.5 trln over 5 years -Lloyd’s of London

LONDON (Reuters) – The global economy could face losses of $14.5 trillion over a five-year period from a hypothetical geopolitical conflict which hits supply chains, insurance market Lloyd’s of London said on Wednesday.

“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,” Lloyd’s said in a statement.

(Reporting by Carolyn Cohn, editing by Sinead Cruise)