Ukraine’s economy to shrink by 45% in 2022 — World Bank

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” take their toll, the World Bank has said.

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

The Bank says many surrounding countries will suffer severe hardship as a result of the invasion, with Russia predicted to fall into recession.

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