Russia’s occupation is concentrated in the east and south of the country. Still, the country’s economy has proved more resilient than initially predicted. Ongoing fighting will have raised the price tag since then. The cost of reconstruction and recovery in Ukraine was put at roughly $349 billion in a September assessment from the World Bank, the European Commission and Ukraine’s government. Ukraine’s economic prospects collapsed after Russian President Vladimir Putin launched a full-scale assault ten months ago, causing thousands of civilian deaths, displacing millions of Ukrainians and resulting in hundreds of billions of dollars in damages.Įnergy infrastructure in the country has been hit particularly hard recently, as Putin’s troops seek to plunge Ukrainian cities into the dark and cold over the winter. In 2021, Ukraine’s economic output was about $200 billion, up about 3.4% on the previous year, according to the World Bank. The ministry warned, however, that missile attacks from Russia “continued to put pressure on business sentiment and activity” in December. “The successes of the Ukrainian defense forces on the battlefield, the coordinated work of the government and business, the indomitable spirit of the population, the speed of restoration of destroyed/damaged critical infrastructure by domestic services, as well as systematic financial support from international partners allowed us to hold the economic front and continue to move towards victory,” Svyrydenko said. At the time, many projected that Ukraine’s economic output would plunge by between 40% and 50%. The projected 30.4% contraction in gross domestic product is much better than experts feared shortly after Russia’s invasion in February 2022. “During 2022, Ukraine’s economy suffered the largest losses and damage in the history of its independence,” Economy Minister Yulia Svyrydenko said Thursday. Ukraine’s economy shrank by more than 30% in 2022 after Russia’s brutal invasion destroyed infrastructure, hurt businesses and disrupted daily life, according to the country’s economy ministry.
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