World Bank: Ukraine’s war-torn economy will sink 35% in ’22

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — Devastated by Russia’s invasion eight months ago, the Ukrainian economy will plunge 35% this year. That’s according to a World Bank forecast Tuesday. The war has destroyed factories and farmland and displaced millions of Ukrainians. The 189-country anti-poverty agency estimates that rebuilding Ukraine will cost at least $349 billion, 1.5 times the size of the country’s prewar economy. Still, the bank’s assessment marks an upgrade from the 45.1% freefall it forecast in June. And it expects that the Ukrainian economy will return to growth in 2023, expanding 3.3% — though the outlook is highly uncertain and will depend on the course of the war.