The US-led war in Iraq will drain the world economy for years to come, sapping income from a wide range of countries, said Australian Central Bank board member Warwick Mckibbin. The war could milk US$240 billion from the global economy in 2003 alone and world growth is likely to come in below two percent this year, Mckibbin told in a telephone interview. In a worst case scenario, the conflict could cost US$3.5 trillion over 10 years, and even a short war could cost US$1 trillion over a decade, factoring in peacekeeping and the damage to consumption.