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Euro Region Faces War Fallout Cost of 2% of GDP, UBS Estimates

Displaced Ukrainians wait outside an immigration office in Brussels, Belgium, on March 14. — Displaced Ukrainians wait outside an immigration office in Brussels, Belgium, on March 14.
Photographer: Valeria Mongelli/Bloomberg

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March 23, 2022, 10:22 AM UTC

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Euro-zone governments’ extra spending caused by Russia’s invasion of Ukraine will cumulatively total 2% of annual output by the end of next year, according to economists at UBS Group AG.