According to the International Monetary Fund (IMF), Ukraine’s economy could shrink by up to 35% in 2022 due to the effects of the war with Russia. The IMF warned Ukraine with an initial assessment, that the loss of life, damage to critical infrastructure, trade disruption, and an outflow of refugees would lead to the gross domestic product failings by a minimum of 10% in 2022.
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Key Points
- While addressing the Ukraine recovery conference in Switzerland, Shmyhal said that the Ukrainian economy has started to recover from the shock coma of the first weeks of the conflict.
- According to Shmyhal, the government has successfully carried out a grain sowing campaign and resumed logistics across the western border.
- The Russian invasion of Ukraine has caused a lot of damage to the economy of the country. Previously, the World Bank has predicted that Ukraine’s economy will contract by up to 45% in 2022.
- The cut-off of critical export routes via Ukraine’s Black Sea has been a major cause of the decrease in economic activities.
- The World Bank has also predicted a slow recovery of Ukraine even after the war because of the terrible damage.
- The downfall in economic activities is a growing threat of widespread poverty.
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