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Within two weeks into the invasion of Ukraine, $30 billion has already been erased from Russia’s annual gross domestic product

Within two weeks into the invasion of Ukraine, $30 billion has already been erased from Russia’s annual gross domestic product

Russian war in Ukraine has caused Russia’s output to fall by about 2% or $30 billion during just the first two weeks. This drop rivals the full-year contraction of the Russian economy during the pandemic in 2020, according to Bloomberg Economics. Russia’s full-year GDP is projected to slump about 9% in 2022. Russia is moving into a “deep recession,” with the ruble’s plunge driving up inflation and severely denting the purchasing power of the Russian population, IMF Managing Director Kristalina Georgieva told.

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