West can “easily” afford Ukraine aid to avoid much greater future costs, economist says
Western nations have the economic strength to support Ukraine against Russia's aggression, while inadequate aid risks higher future costs and global instability, argues Swedish economist Lars Calmfors.
In an opinion piece published in Financial Times, Lars Calmfors, professor emeritus in international economics at Stockholm University, argues that Western countries have the economic capacity to provide substantial support to Ukraine in its war against Russian aggression.
The author points out that Russia’s war of conquest in Ukraine has been ongoing for two and a half years, evolving into a war of attrition. He attributes this partly to insufficient and delayed military support from the West, burdened with “too many restrictions.” For now, the US and other allies prohibit Ukraine from using the long-range weapons they have supplied inside Russia.
The professor highlights the paradox in Russia’s belief that time is on its side, expecting the West to tire of supporting Ukraine. He notes that the West’s economic resources far exceed those of Russia, which should be a decisive factor in a prolonged conflict.
Western aid to Ukraine is not charity, it’s self-preservation
According to World Bank data, Ukraine’s purchasing power-adjusted GDP is barely a tenth of Russia’s, but the combined GDP of the US, EU, and UK is approximately nine times larger than Russia’s, the author notes.
“Supporting Ukraine should be viewed as an investment to avoid much greater future costs — not just financial but potentially also human,” Calmfors says, warning that a Russian victory in Ukraine could lead to further aggression and set a dangerous precedent for territorial conquest.
The economist notes that the safest path for the West to peace in Ukraine is giving the country the assistance it needs, which could eventually force Moscow to reverse course.
“The West has the economic resources to help Ukraine withstand Russia’s aggression and the burden of this support will be manageable,” Calmfors notes.
Related:
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- UK intel: Ukraine’s economy remains resilient two years into Russian invasion
- Western aid to Ukraine is not charity, it’s self-preservation
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- Sanctioned Russian billionaires continue to profit despite restrictions
- AP: G7 leaders agree to lend Ukraine billions in Russia’s frozen assets
- The West’s fear of escalation is Russia’s greatest weapon
