Ukraine war to slash GDP by more than 45%, World Bank forecasts

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Ukraine war to slash GDP by more than 45%, World Bank forecasts
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New report also predicts Russia’s 2022 GDP could fall 11% due to punishing financial sanctions

A man walks near a building destroyed in the course of the Ukraine-Russia war, in the southern port city of Mariupol, Ukraine, April 10 2022. Picture: ALEXANDER ERMOCHENKO/REUTERS

The World Bank’s “War in the Region” economic update said the Eastern Europe region, comprising Ukraine, Belarus and Moldova, is forecast to show a GDP contraction of 30.7% in 2022, due to shocks from the war and disruption of trade. The World Bank said the war has rendered economic activity impossible in large swathes of the country, and is disrupting agricultural planting and harvest operations.

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