World Bank worsens forecast for Ukraine's GDP growth in 2023 to 0.5%

14:58, 06.04.2023 1 min read

A Ukraine's economy is projected to grow by 0.5% this year, following a staggering contraction of 29.2% in 2022, and by 3.5% next year, the World Bank predicts, which expected faster growth in January this year: by 3.3% in 2023 and by 4.1% in 2024.

"While the economic toll suffered by Ukraine as a result of the invasion is enormous, the reopening of Ukraine’s Black Sea ports and resumption of grain trade, as well as substantial donor support, are helping support economic activity this year," the World Bank said in the Economic Update for the region published on Thursday.

The bank recalled that according to recent World Bank estimates, the cost of reconstruction and recovery in Ukraine has now grown to $411 billion, which is more than two times the size of Ukraine's pre-war economy in 2021.

At the same time, it published a forecast for 2025 for the first time, which assumes growth will accelerate to 6.5%.