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Friday Jul 1, 2022

Russia’s war to shrink Ukraine economy by 45%


Nepalnews
2022 Apr 11, 17:35, London
A woman removes pieces of broken glass from a shop window after a bombing in Kyiv, Ukraine, Wednesday, March 23, 2022. The World Bank said Sunday, April 10, 2022 that Ukraine's economy will shrink by 45.1% this year because of Russia's invasion, which has shut down half of the country's businesses, choked off imports and exports and damaged a vast amount of critical infrastructure. (AP Photo)

The World Bank says Ukraine’s economy will shrink by 45.1% this year because of Russia’s invasion, which has shut down half of the country’s businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure.

Unprecedented financial and export sanctions imposed by Western allies in response to the war, meanwhile, are plunging Russia into a deep recession, lopping off more than a tenth of its economic growth, the World Bank said in a report Sunday.

The war is set to inflict twice the amount of economic damage across Europe and Central Asia that the COVID-19 pandemic did, the Washington-based lender said in its “War in the Region” economic report. Besides Ukraine, it focuses on central and Eastern Europe, former Soviet republics, the Balkan countries and Turkey.


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