Due to Russia’s aggression, Ukraine will lose almost half of its total growth this year.
Because of the war, the Ukrainian economy will decline by 45% this year. This is stated in the World Economic Outlook of the World Bank.
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It was noted that the war weakened the Ukrainian industry, which led to the destruction of infrastructure and a sharp decline in population.
At the same time, Russia’s GDP, according to the bank, will decline by 8.9%, reflecting a sharp decline in domestic consumption and a reduction in exports. Russia’s economy has also been hit by Western sanctions and a massive exodus of foreign companies.
The World Bank has also drastically lowered its forecast for the global economy: global growth could drop to 2.1% in 2022 and 1.5% in 2023. This is lower than last year’s 5.7% growth and the original forecast of 4.1%. for this year.
The analysis says the war in Ukraine has exacerbated the effects of the pandemic, and many countries will find it difficult to avoid recession.
Emerging markets and emerging economies combined will grow by 3.4% compared to 6.6% in 2021.
The World Bank said Russia’s invasion of Ukraine had seriously disrupted global trade in energy and grain, and caused a blow to the global economy. As a result, high commodity prices have become even higher, posing a risk to food affordability in poor countries.
According to optimistic forecasts of the National Bank, the Ukrainian economy will collapse by a third this year and will show a rapid recovery next year.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.