Ukraine’s Economy Crushed by Russian Invasion

Ukraine’s economy contracted by 29.1 percent in 2022, the state statistics service said, as the country has been ravaged by Russia’s assault.

By comparison, the pro-Western country’s gross domestic product grew 3.4 percent in 2021 prior to the invasion ordered by Russian President Vladimir Putin in February 2022.

Moscow’s war has killed tens of thousands, prompted millions to flee and battered swathes of the economy.

Construction was the hardest-hit sector as it shrank by 67.6 percent last year, the state statistics service said late Wednesday.

The World Bank has said that Ukraine needs $411 billion for its reconstruction and recovery in the wake of Moscow’s invasion in February last year.

Russia damaged more than 50 percent of Ukraine’s power infrastructure in attacks on its neighbour over the autumn and winter months, the global lender said.