'Catastrophic' war will shrink Ukraine's economy by 45% and Russia's by 11% this year, World Bank predicts
The"catastrophic" war in Ukraine will cause the country's economy to shrink 45% this year and Russia's to contract 11%, the World Bank has predicted.
The World Bank said Ukrainian GDP — the most common measure of the size of an economy — would likely shrink by 45.1% in 2022. However, it said the forecast was highly uncertain, and could be higher if the war drags on for longer, or lower if the conflict ends soon. "Ukraine needs massive financial support immediately as it struggles to keep its economy going and the government running to support Ukrainian citizens who are suffering and coping with an extreme situation."
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