Russia's War Against Ukraine - All Developments

As a result of the Russian war of aggression According to a World Bank forecast, Ukraine’s economic output will fall by almost half this year. The World Bank announced on Sunday that the Gross Domestic Product (GDP) would fall by about 45% compared to the previous year. However, the organization qualified that “the extent of the economic crisis” would depend “on the duration and intensity of the war”. In January, before the start of the war in late February, the World Bank had predicted economic growth of around 3% for Ukraine.

“Many aspects of Ukraine’s economy are collapsing,” the World Bank said. The impact of war, flight and displacement on poverty in Ukraine would also likely be “devastating”, he said. Measured against the statistical poverty line of $5.50 a day for countries with comparable income, the proportion of Ukraine’s population living in poverty is expected to skyrocket from 1.8% to 19.8%, the World Bank warned.

“The scale of the humanitarian crisis triggered by the war is staggering,” said World Bank Vice President for Europe and Central Asia Anna Bjerde. Ukraine needs “massive financial support immediately”, demanded Bjerde. Economic forecasts for Ukraine are currently associated with a very high degree of uncertainty, because no one can predict how the war will continue.