The economy of due to the war-hit country Ukraine will collapse by 45.1% in 2022. The World Bank further issued a warning stating a possibility of an even bleaker economic outlook, far worse than the 10-35% downturn. The World Bank said that Russia and its neighboring countries are suffering consequences from the ongoing Ukraine war as Putin's country is likely to see a 11.2% decline in GDP. The war which began on February 24 has caused more than four million Ukrainians to flee to Poland, Romania, and Moldova, further causing the prices of grains and energy to soar. Ukraine's economy is severely affected due to the shrunken government revenues, businesses, and trade in goods that are badly disrupted. Further, heavy damages to infrastructure have made it hard for grain exports and other economic activities. An increase in poverty in the war-hit country is another cause for concern as the proportion of the population living on $5.50 a day is expected to rise to 19.8% this year from just 1.8% in 2021, according to the World Bank.
Ukraine, Russia, Putin, Economy, War, government, damages, world bank, poverty, energy
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