World Bank downgrades Ukraine's GDP growth forecast to 0.5%

0 Comment(s)Print E-mail Xinhua, April 7, 2023
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The World Bank has lowered its estimate for Ukraine's gross domestic product (GDP) growth this year to 0.5 percent from 3.3 percent estimated in January, the Interfax-Ukraine news agency reported Thursday.

The economic toll caused by the Russia-Ukraine conflict was the main factor behind the downgrade, the bank said in a report.

According to it, the reopening of Ukraine's Black Sea ports and resumption of grain trade, as well as substantial donor support, will help support economic activity in Ukraine this year.

The bank estimated the cost of Ukraine's post-conflict reconstruction and recovery at 411 billion U.S. dollars.

The World Bank projected that the Ukrainian economy will grow by 6.5 percent in 2025 after rising 3.5 percent in 2024.

In 2022, Ukraine's GDP suffered a record decline of 29.2 percent, according to the bank.

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