Russia’s war to shrink Ukraine economy 45%, World Bank says
Unprecedented sanctions imposed by Western allies in response to the war, meanwhile, are plunging Russia into a deep recession, lopping off more than a tenth of its economic growth, the World Bank said in a report Sunday.
The war is set to inflict twice the amount of economic damage across Europe and Central Asia that the COVID-19 pandemic did, the Washington-based lender said in its “War in the Region” economic report.
” The humanitarian crisis caused by the war is immense,” said Anna Bjerde (Vice President for Europe and Central Asia at the World Bank). “The Russian invasion is delivering a massive blow to Ukraine’s economy and it has inflicted enormous damage to infrastructure.”
The report said economic activity is impossible in “large swathes of areas” in Ukraine because productive infrastructure like roads, bridges, ports and train tracks have been destroyed.
Ukraine is a major supplier of wheat and other agricultural exports. However, this role is now in doubt due to the war. The war has cut off access to the Black Sea, a key route for exports, including 90% of Ukraine’s grain shipments, it said.
More than 4 million people fled Ukraine, with many of them going to Poland, while others are heading to Hungary, Romania, and Moldova. Additional 6.5 million people have been internally displaced. According to the World Bank, these numbers will continue to rise as the war drags out.
I have been writing professionally for over 20 years and have a deep understanding of the psychological and emotional elements that affect people. I’m an experienced ghostwriter and editor, as well as an award-winning author of five novels.