The Ukrainian economy has shrunk by 16% in the first three months of 2022 due to the war

In the first quarter of 2022, Ukraineʼs economy has contracted by 16% year-on-year, as estimated by the Ministry of Economy of Ukraine.

“Those areas in which remote work is impossible to have suffered the most. These are, in particular, air and sea transportation, the sphere of services, where business works directly with consumers”, said First Deputy Minister of Economy Denys Kudin. However, over the past ten days, the economy has begun to recover, businesses in safe regions are returning to work, and farmers have started sowing.

Ukraine’s economy is expected to shrink by 40% by the end of the year, according to Denys Kudin.

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