World Bank estimates Ukraine’s recovery needs at $411 billion – media reports
The ruins of a residential building in Chasiv Yar, where 15 people died as a result of a Russian strike in July 2022 (Photo:Павло Кириленко / Telegram)
The World Bank has increased its estimate of how much Ukraine will need for its recovery and reconstruction to at least $411 billion, based on damages inflicted during the first year of Russia’s large-scale invasion, the Bloomberg news agency reported on March 22.
The new figure, from a joint assessment by the bank, the government of Ukraine, the European Commission, and the United Nations, is 2.6 times Ukraine’s projected gross domestic product in 2022.
The assessment found that the invasion pushed 7.1 million people into poverty and reversed Ukraine’s development by 15 years, said Bloomberg.
“This is a sobering figure, and it shows the extent of the destruction and the continued need for international support,” said Anna Bjerde, World Bank’s vice president for Europe and Central Asia.
The World Bank had made an initial $349 billion projection in September, based on the first three months of war.
The damages didn’t increase as much as expected after the first three months of war due to several factors, including that the most intense part of the conflict remained contained in areas that had already seen significant damage. Other factors included the national government meeting some of the country’s needs, international aid and support, and the government’s ability to keep essential services operating.
The World Bank quantified the direct physical damage to infrastructure and buildings, as well as the impact on people’s lives and livelihoods.
The World Bank has mobilized $20.6 billion for Ukraine, including in the health and transport sectors.
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