23 C
Nigeria
Monday, August 8, 2022

Read Online

Ukraine’s Economy to Shrink by 50% in 2022-World Bank

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.

Business Journal
We deliver business news that are professionally crafted and tailored to give you business freedom and expression that is aimed at increasing your spirit of enterprise.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Stay Connected

20,300FollowersFollow
3,432FollowersFollow
19,900SubscribersSubscribe
- CLICK TO DOWNLOAD -spot_img
- Proud Member -spot_img
- Advertisement -

Latest Articles