World Bank About the Economic Crisis of Ukraine and RussiaTop Stories

April 11, 2022 13:48
World Bank About the Economic Crisis of Ukraine and Russia

The World Bank revealed about the economies of Ukraine and Russia after the latter started invading Ukraine. The World Bank said that the economy of Ukraine collapsed by 45.1 percent this year and Russia collapsed by 11.2 percent in the GDP. Both Russia and Ukraine are struggling with economic consequences because of the war. The World Bank also said that more than 4 million people from Ukraine fled to Poland, Moldova and Romania. The prices in the grains and other essentials increased badly. The Russian invasion in Ukraine reversed the recovery from the pandemic told Anna Bjerde, World Bank vice president for Europe and Central Asia.

Several economies are struggling to recover from the pandemic and the war turned out to be a further strain for Russia and Ukraine. The economy of Ukraine is under severe strain and the revenues in the country touched rock bottom. There are no operations in the country and the trade business is badly disrupted. With the damage in the infrastructure, the export of grains is badly hit. There are reports that the war between Russia and Ukraine will continue for few more months. A huge rise in the poverty in Ukraine is one more worrying factor. As per the reports from the World Bank. the reporting of the population living on 5.50 USD per day is expected to see a 19.8 percent rise this year which was 1.8 percent last year in Ukraine.

By Siva Kumar

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