Global cost of violence reaches $9.4 trillion in 2012 – Report

shot-deadThe world spent an estimated $9.46 trillion to contain violent acts in the year 2012, a new report has shown.

The 2013 Global Peace Index (GPI) revealed that the total economic impact of containing violence is equivalent to 11% of global GDP.

The Index measures the level of peace in each country and this year’s took a look at 162 countries on 22 qualitative and quantitative indicators of the absence of violence and fear of violence.

Produced by the Institute of Economics and Peace of Australia, the Index noted that since 2008, 110 countries have become less peaceful.

“Three main factors that have contributed to the deterioration in peace scores from 2012-2013: the number of homicides, military expenditure as a percentage of GDP and political instability,” the IEP said in a report.

The IEP advised that “If the world could reduce the cost of violence by 50% it would generate enough money to repay the debt of the developing world, provide enough money for the European stability mechanism, and fund the additional amount required to fund the Millennium Development Goals.”

The number of deaths from internal conflicts has risen significantly, the IEP observed.

By Ekow Quandzie

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