46 days have passed since the war between Russia and Ukraine, meanwhile, cities in Ukraine have been devastated while economic sanctions have been imposed on Russia. In such a situation, the ongoing war between the two countries has had an impact on the economies of the world.
In a recent economic update, the World Bank released estimates on which countries suffered the most and how much GDP could fall.
According to a World Bank report, Ukraine’s economy is projected to shrink by 45.1 percent this year due to the ongoing war between Russia and Ukraine. The report said that Russia’s war against Ukraine and Western sanctions on Russia are affecting economies around the world.
It further said that the Russo-Ukraine war has raised concerns about a sharp global recession, rising inflation and rising debt and poverty levels. In such a situation, emerging markets and developing countries of Europe and Central Asia may suffer.
The World Bank’s vice-president for the Europe and Central Asia region said the severity of the humanitarian crisis caused by the war was “astonishing”. Russian aggression is severely affecting Ukraine’s economy and causing serious damage to infrastructure.
He said Ukraine needed massive financial aid with immediate effect as it struggles to keep its economy afloat. Significantly, Russian President Vladimir Putin declared an invasion of Ukraine on February 24, 2022, and so far Ukraine has seen widespread destruction.