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bore by the nation during and after the conflict serve as the impact of
the conflict. A common debate that occurs in the field of international
relations is that whether conflict is good or bad for the economy. The best
example of the war boom is the US economy during World war II where
incomes rose to approximately 75%. The US economy also expanded
during the Vietnam and Korean wars. (Humphreys M., 2003). The
current paper is an attempt to understand the effect of armed conflicts
on the global economy and evaluate the costs related to armed conflicts;
globally and regionally. The economic impact is calculated as a percentage
of the world GDP (Gross Domestic Product) which is a measure of total
production. It is the monetary value of all the products and services
produced within the boundary of an area/nation. Considered as a tool
to measure economic prosperity that helps economists, policymakers,
political leaders, investors and businessmen, it is calculated in 3 ways;
using expenditures, products and incomes. The Gross Domestic Product
is a sum of consumption expenditure, government expenditure, private
domestic investments and the net exports. GDP indicates whether a
country’s economy is growing or expanding or shrinking or contracting.
GDP has its limitations, but it is very prevalent when it comes to
measuring the economy. Hence a percentage of GDP is used to calculate
the economic impact or costs related to the armed conflicts.

Global Peace Index:
One cannot talk about war without talking about peace. Because all
the extensive research done in the field of international conflict is carried
out to resolve these conflicts to establish world peace. But war and peace
are not simple antonyms; they are more than that. Peace is a state of non-
violence and it is more complex than war. It requires more effort and
energy and it is intricate and highly volatile. The Global Peace Index is
an attempt to quantify peace. Developed by the Institute of Economics
and Peace (IEP), the Global Peace Index (GPI) is a data-driven analytical
report. Being the leading measure of global peacefulness, the GPI
encompasses 99.7% of the global population. This article refers to the
thirteenth edition of the Global Peace Index, that ranks 163 independent
nations and territories according to their peacefulness. This index contains
23 quantitative and qualitative indicators. According to the report, the
Global Peace Index calculated in 2019 showed an improvement for the
first time in the 5 years.
As the international order continues to get thrown in the turmoil,

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