Ukraine’s gross domestic product (GDP) plunged 29.1% in 2022 from a year earlier as the Russian invasion devastated the country, the Ukrainian State Committee for Statistics said on Thursday.
Ukraine, holding on thanks to Western military and financial aid, has seen the war swallow up entire sectors of its economy.
The construction sector was thus the hardest hit, with a fall of 67.6% last year.
The IMF forecasts a rebound this year
However, even if hostilities continue and up to 20% of Ukrainian territory is occupied, the International Monetary Fund (IMF), one of Kiev’s main backers, expects a partial and gradual economic recovery this year.
The IMF estimates that, depending on the scenarios, the Ukrainian economy could evolve between a 3% recession and 1% growth in 2023.
The institution foresees an acceleration in 2024, to 3.2%, then up to 6% in 2025.
The Fund has just validated $15.6 billion in aid for Ukraine in a large $115 billion international support plan.
Ukraine was one of the poorest countries in Europe when Russia attacked it. It had seen its GDP grow by 3.4% in 2021.
Source: BFM TV
