Revised World Bank forecast slashes Ukraine’s economic growth expectations
World Bank (Photo:uk.wikipedia.org)
The Ukrainian economy is now expected to grow by 0.5% in 2023, and by 3.5% in 2024, according to a revised economic outlook forecast published by the World Bank on April 6.
Back in January, the World Bank predicted Ukraine's GDP growth by 3.3% in 2023, and by 4.1% in 2024.
Furthermore, the organization notes that according to its latest estimates, it would take $411 billion to finance Ukraine’s post-war reconstruction – more than double the size of Ukrainian economy in 2021.
The World Bank also predicts that poverty rate in Ukraine, which jumped from 5.5% to 24.1% in 2022, will remain at almost the same level in 2023 – 24%.
“Poverty is estimated to have increased from 5.5% in 2021 to 24.1% in 2022, pushing 7.1 million more people into poverty and rolling back 15 years of progress,” the report reads.
On April 5, the National Bank of Ukraine reported that the IMF estimates Ukraine's GDP could contract or grow by -3% to 1%, with an increase of 3.2% in 2024.
As for the economy of the invading country, the World Bank expects Russia's GDP to grow by 1.2% in 2023, and by 0.8% in 2024.
In January, the World Bank expected the Russian economy to fall by 2.3% in 2023, and grow by 1.2% in 2024.
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