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Ukraine’s economy is expected to shrink by almost a third this year as Russian occupation continues, the European Bank for Reconstruction and Development (EBRD) said.
The EBRD estimates that Ukraine’s output will shrink by 30% or 10% more compared to a forecast given by the bank in March, shortly after the start of the war.
At the opening of the annual conference in Marrakesh, Morocco, the EBRD said Ukraine’s economy would recover by 25 percent in 2023, which is a higher forecast than in March, when it said the recovery would be 23 percent. .
Even Russia’s economy, which has been hit by Western sanctions over its invasion of Ukraine, will shrink by 10 percent this year and grow to zero next year, as the bank had predicted in March.
The blockades caused by the Russian military have hit Ukraine’s key agricultural sector hard, as this country is one of the leading exporters of wheat and sunflower oil.
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