WB: Ukraine’s economy to shrink by about 45% this year

Ukraine’s economic output will likely contract by a staggering 45.1% this year as Russia's actions has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank said on April 10, Report informs referring to Reuters.

The World Bank also forecast Russia’s 2022 GDP output to fall 11.2% due to punishing financial sanctions imposed by the United States and its Western allies on Russia's banks, state-owned enterprises and other institutions.

In general, the total GDP of the countries of Europe and Central Asia in 2022 will decrease by 4.1%.

The World Bank has already marshaled about $923 million in loans and grants for Ukraine, and is preparing a further support package of more than $2 billion.