46 days have passed since the ongoing war between Russia and Ukraine, and in the meantime, while cities have been devastated in Ukraine, on the other hand, Russia is being showered with economic sanctions. In such a situation, the economies of the world have been affected by the ongoing war between the two countries. Presenting the estimated figures in the latest economic update released recently, the World Bank has told how much loss has been caused to which country and how much GDP can fall.
Developing countries will bear the brunt
The World Bank report said that Ukraine's economy is projected to decline by 45.1 percent this year due to the ongoing war between Russia and Ukraine. The report said that Russia's war against Ukraine and Western sanctions on Russia are affecting economies around the world. It said the Russia-Ukraine war has added to growing concerns of a sharp global recession, rising inflation and debt, and rising poverty levels. In such a situation, emerging markets and developing countries in Europe and Central Asia region may have to bear the brunt.
There will be a huge drop in GDP
The World Bank report said that this war has had a negative impact around the world. Due to the disruption in business activities, the GDP of the Eastern Europe region can also fall by 30.7 percent. The Eastern Europe region includes Ukraine, Belarus, Kyrgyzstan, and Moldova. The World Bank has said that apart from Russia and Ukraine, Belarus, Moldova, and Tajikistan are also expected to fall into recession this year. Economists have told in the report that the economy of Europe and Central Asia region is estimated to fall by 4.1 percent this year. Earlier it was estimated to decrease by three percent.
Russia will suffer a huge loss
The war that started between Russia and Ukraine is not taking its name to stop. This is having a very bad effect not only on Ukraine but Russia's economy is also being badly affected by it. According to the World Bank, Russia's economy has already slipped into a deep recession due to sanctions imposed by the US and its Western allies. If we look at the report, in the year 2022 its production has been estimated to decrease by 11.2 percent.
shocking humanitarian crisis
Anna Barzade, the World Bank's vice-president for the Europe and Central Asia region, said the magnitude of the humanitarian crisis caused by the war was staggering. The Russian aggression is dealing a major blow to Ukraine's economy and has caused massive damage to infrastructure. He said that Ukraine needs massive financial aid with immediate effect, as it is struggling badly to keep its economy going. Significantly, Russian President Vladimir Putin announced an attack on Ukraine on 24 February 2022 and so far Ukraine has seen widespread devastation.
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