World peace is shattering amid record hotspots and defence binges

While the wars in Ukraine and Gaza hold us spellbound in horror, a more tragic reality sits just out of sight: 59 military conflicts are being waged across the world, more than at any time since the second world war.

While we pray the conflicts in Gaza and Ukraine are soon resolved, the reality is that the huge economic costs are likely to burden us for decades.

A recent Atlantic Council report on the cost of the Gaza war, drawing on an interim assessment from the World Bank, United Nations and European Union, puts the damage to infrastructure alone at nearly US$18.5 billion. Clearing up the 37.4 million tonnes of debris could take up to 14 years. Restoring the economy may take seven decades.

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Protests break out across Asia marking one year of Israel-Gaza conflict

Amid the tragic human losses, Gaza’s economy in the first quarter has shrunk to just 14 per cent of what it was a year ago, with the combined economy of the Palestinian Territories down by 35 per cent. Even Israel saw its economic activity fall by 21 per cent in the fourth quarter last year.