The World Bank has taken measure of the economic devastation caused by the Russia-Ukraine conflict, predicting double-digit GDP declines in the two countries and recessions in neighboring Belarus and Moldova.
Ukraine will be hardest hit, with its economy shrinking by 45.1% in 2022, the UN-affiliated bank said on Sunday in its updated forecast for the region. Russia, which has been hit with unprecedented economic sanctions by the US and its Western allies, will see an estimated 11.2% decline in GDP.
The Washington-based bank said some countries in the region will be forced to seek outside help to avert defaulting on their current debts. Emerging markets in Europe and Central Asia will suffer an economic contraction of 4.1% this year, the lender said, reversing its pre-conflict forecast of GDP growth averaging 3%.