Prior to 2016, the North America region claimed the largest economic impact of violence. However, since 2016, Asia-Pacific has overtaken North America as the region with the highest economic impact, primarily driven by the costs associated with conflict and terrorism.
Asia-Pacific economic impact of violence amounts to $3.4 trillion in 2019. However, this figure decreased for the first time in seven years, falling by 0.5% from 2018 to 2019. China accounts for 63% of the region’s total economic impact, followed by Japan at 9.7% and South Korea at 5.6%. Consequently, China and to a lesser extent, Japan and South Korea drive the region’s economic impact of violence.
Despite this, Asia-Pacific is the third most peaceful region out of nine regions, behind Europe and North America, which include the United States and Canada. Furthermore, five countries in Asia-Pacific continue to rank in the top 25 of the Global Peace Index (GPI). New Zealand ranks first in the region and second overall in the 2020 GPI, despite a deterioration in its GPI score of 2.3%. New Zealand suffered a significant deterioration because of the high profile terror attack on two mosques in Christchurch in March 2019, which resulted in 51 deaths.