Due to financial sanctions from the West, Russia's GDP will fall by 11.2% in 2022, according to the agency.
Production in Ukraine is likely to decline by a staggering 45.1% this year, as the Russian invasion led to the closure of businesses, reduced exports and thwarted economic activity in large areas of the country, according to a Sunday report from the World Bank.
predicts a 11.2% drop in Russia's GDP in 2022 due to financial sanctions imposed by the United States and its Western allies on Russian banks, state-owned enterprises and other institutions, writes Reuters.
The World Bank's Economic Review “War in the Region” says that the Eastern European region, which includes Ukraine, Belarus and Moldova, is projected to see GDP cuts of 30.7% this year due to war shocks and trade disruptions. .
According to a World Bank report, more than half of the country's enterprises are closed to Ukraine, while still open enterprises operate with much lower productivity. The closure of the Black Sea shipping has reduced about 90% of the country's grain exports and half of total exports.
Read also: Russia's economy on the verge of collapse and default – the White House
The war made economic activity in much of the country impossible and disrupted agricultural plantings and harvests. The future economic growth is damaged, not least due to the outflow of Ukrainian refugees to other countries.
The scale of the deterioration of Ukraine's economic performance “depends on a high degree of uncertainty” about the duration and intensity of the war. >
Yesterday we reported that the official hryvnia exchange rate, which was set by the National Bank during the war at UAH 29.25, is almost does not differ from the exchange rate of the “black”, cash markets, as well as the exchange rate of the hryvnia abroad.
See the special topic: Powerful explosion in Mykolayiv: one person was injured Just in case, the air was checked in the city. When the world ignores the “monsters”, they believe that the world must adapt to them – Zelensky Despite Russia's efforts to destroy Ukraine, our country will defend itself. Priests of the Moscow Patriarchate demand a church tribunal for Patriarch Kirill Kirill blessed the war against Ukraine. Dozens of politicians and businessmen left Ukraine in the midst of the war with Russia – Danilov Oligarchs, former and current deputies and Kyiv developers “settled” in Monaco and near Warsaw . During the 46 days of the Russian invasion of Ukraine, almost 1,800 civilians were killed Among the dead – 142 children.
