Ukraine’s economy to shrink by at least 10% in 2022 due to Russian aggression: IMF report

Kyiv (Ukraine): According to a report by the International Monetary Fund (IMF), amid Russia’s ongoing military operations in Ukraine, Kyiv’s GDP will shrink by at least 10 percent in 2022 if the war ends soon.

According to the report, prepared before the IMF’s approval of USD 1.4 billion in emergency financing, Ukraine’s economic output based on real wartime GDP data from Iraq, Lebanon and other war-torn countries is estimated to be 25% less than that of Ukraine. can be as low as 35 percent. ,

IMF staff said in its March 7 report that Ukraine had an external financing gap of US$4.8 billion, but that its financing needs were expected to increase and would require significant additional concessional financing as a result of the war.

The Russian military began military operations in Ukraine on 24 February, three days after Moscow recognized separate regions of Ukraine, Donetsk and Luhansk, as independent republics, followed by “demilitarization” and “denying” Ukraine. Announced for a “special military operation”.

First published:March 15, 2022, 2:03 am

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