Ukraine's economy to shrink by 45% - World Bank

Ukraine
# 11 April 2022 01:35 (UTC +04:00)

The World Bank says it expects Ukraine's economy to shrink by 45% this year as a result of the war, APA reports citing BBC.

It's also forecasting that there will be greater economic damage than was caused by the Covid-19 pandemic across eastern Europe and central Asia, with unprecedented sanctions leading to a steep recession in Russia too.

Much of Ukraine's workforce has been forced to flee or fight.

Businesses have closed, while roads, factories and other infrastructure has been destroyed and the World Bank says many years of progress have been undone.

Ukraine was a major source of crops such as sunflowers and wheat but with exports brought to a halt global food prices have risen and Ukraine has lost an important earner.

Sanctions against Russia mean the World bank is forecasting its economy to shrink more than 11% this year.

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