World Bank: Ukraineʼs GDP could fall by a staggering 45.1% this year

Ukraineʼs GDP could fall by a staggering 45.1% this year, the World Bank said, according to Reuters.

The cause of this fall is the Russiaʼs invasion, which has closed businesses, reduced exports and made economic activity in large parts of the country impossible.

The World Bank also forecasts a 11.2% drop in Russiaʼs GDP in 2022 due to financial sanctions imposed by the United States and its Western allies against Russian banks, state-owned enterprises and other institutions.

For the Central European region, which includes Bulgaria, Croatia, Hungary, Poland and Romania, economic growth was forecast at 3.5%, lowering the forecast from the previous 4.7% due to the influx of refugees and rising commodity prices.