Ukraine economy to shrink by almost half this year, World Bank forecasts

Posted on AllSides April 11th, 2022
From The Left
Alexey Furman/Getty Images

Ukraine’s economy is on course to contract by almost half this year as the Russian invasion and the impact of a “deep humanitarian crisis” takes its toll, the World Bank has said.

With a blockade of Black Sea ports in the south of Ukraine and the havoc caused to industry in the east, the war-torn country’s GDP is projected to shrink by about 45% in 2022.

The Washington-based development organisation said Russia would also fall into recession and many countries surrounding Ukraine would suffer severe hardship, with some pushed to seek outside help from international agencies...

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