Ukraine's economy plummetted by half due to Russian invasion, World Bank reports
World Bank’s economic report says, the Eastern Europe region, which includes Ukraine, Belarus, and Moldova, is expected to have a 30.7 % GDP reduction this year owing to war-related trade disruption
By Ishika Dangayach
Published - Apr 11, 2022, 11:16 AM ET
Last Updated - Feb 23, 2024, 02:18 AM EST
• The World Bank predicts an 11.2 % drop in Russia’s GDP in 2022 due to harsh financial sanctions implemented by the US and its allies
• Russia’s invasion is expected to do greater economic harm in eastern Europe and parts of Asia than the coronavirus outbreak
Ukraine’s economy will likely fall by 45.1 % this year as a result of Russia’s invasion, which has closed enterprises, reduced exports, and made economic activity impossible in the nation, the World Bank said in a report.
Reuters stated that Russia’s invasion is expected to do greater economic harm to developing countries in Europe and Central Asia than the coronavirus outbreak.
