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The world bank warned that the Ukrainian economy would shrink by half this year due to the Russian invasion.
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In a regional economic update, the World Bank announced that the Ukrainian economy is expected to shrink by around 45.1% this year, “though that will also depend on the duration and intensity of the war.”
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Anna Bjerde, World Bank vice president for Europe and Central Asia, said that “the magnitude of the humanitarian crisis caused by the war is staggering. The Russian invasion has dealt a major blow to the Ukrainian economy and has caused great damage to infrastructure.” – Ukraine needs massive financial support immediately as it struggles to sustain its economy and the government is working to support Ukrainian citizens who are suffering and cannot cope with the extreme situation – he added.
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The world bank also estimates Russia’s economy will shrink 11.2 percent. in 2022 after severe sanctions. Other economies will also be hit by war. “In addition to Russia and Ukraine, Belarus, Kyrgyz Republic, Modavia and Tadikistan are predicted to fall into recession this year, while growth forecasts have been lowered for all economies due to the effects of the war,” said Anna Bjerde.
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