Ukrainian refugees on Lviv railway station waiting for train to escape to Europe. Photo: Ruslan Lytvyn/ Shutterstock
The war in Ukraine has triggered a catastrophic humanitarian crisis and threatened the stability of geopolitical relations.
Economic output in the Europe and Central Asia (ECA) region is forecast to contract by more than 4.1% in 2022—the second major shock and regional recession in two years. Moreover, the war has added to mounting concerns of a sharp global growth slowdown.
Ukraine’s economy was hit hardest and is expected to shrink by an estimated 45.1% this year, although the magnitude of the contraction will depend on the duration and intensity of the war.