Russia’s war to shrink Ukraine economy 45%, World Bank says

By KELVIN CHAN
Associated Press

LONDON (AP) — The World Bank says Ukraine’s economy will shrink by 45.1% this year because of Russia’s invasion, which has shut down half of the country’s businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure. The World Bank also said Sunday that unprecedented sanctions imposed by Western allies in response to the war are plunging Russia into a deep recession and will lop off more than a tenth of its economy in 2022. The Washington-based lender said in its “War in the Region” economic report that the war is set to inflict twice the amount of economic damage across Europe and Central Asia that the COVID-19 pandemic did.