Categories: General Studies

IMF warns Ukraine’s Economy to Shrink Up to 35% in 2022

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.

NFSA 2022: Odisha Ranked No. 1 For Implementation Of NFSA

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.
priyankadasgupta

Recent Posts

Who is Known as the Waterman of India?

The Waterman of India is a title for someone who works to solve water problems…

59 seconds ago

Who Won the 2009 ICC Champions Trophy?

The 2009 ICC Champions Trophy, also known as the "Mini World Cup," was held in…

55 mins ago

Top-5 Cardamom Producing States in India

Cardamom is a popular spice grown in India, known for its unique aroma and flavor.…

2 hours ago

Indore Airport Launches Waste Processing Unit In Green Initiative

IndiGo's CSR initiative, IndiGoReach, has launched the Zero Waste Airport Project at Indore Airport, in…

2 hours ago

Defence Ministry Launches Rashtraparv Website & App on Good Governance Day

On December 25, 2024, Defence Secretary Rajesh Kumar Singh launched the Rashtraparv Website and Mobile…

2 hours ago

Important Awards and Honors in 2024, Check the List

In 2024, numerous prestigious awards and honors were given to individuals and organizations for their…

3 hours ago