It was reported on Apr 10th, the World Bank’s “War in the Region” economic update pointed out the Ukrainian economic output would likely contract by 45.1% this year given that Russia’s invasion had shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country.
In the meantime, Russian GDP in 2022 was projected to fall 11.2% due to punitive financial sanctions imposed by the U.S. and its Western allies on Russia’s banks, state-owned enterprises and other institutions. In general, the Eastern Europe region comprised of Ukraine, Belarus and Moldova was forecasted to demonstrate a 30.7% contraction of GDP, while the economic growth expectation in 2022 in Central Europe region comprised of Bulgaria, Croatia, Hungary, Poland and Romania was cut to 3.5%.
The U.S. Treasury Secretary Janet Yellen said that notwithstanding the sharp decline in fiscal revenue of Ukrainian government, the international assistance allowed them to pay salaries for civilians, soldiers, doctors and nurses as well as pensions, while meeting its external debt obligations.
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