Ukraine's economy to shrink by 35 pc in 2022

KYIV:  According to Ukrainian Prime Minister Denys Shmyhal, the confrontation with Russia will cause a reduction in Ukraine's gross domestic product (GDP) of at least 35 percent this year.

while speaking at the Ukraine Recovery Conference in Switzerlan, Shmyhal claimed that the Ukrainian economy has begun to emerge from the "shock coma" of the initial weeks of the conflict.

Despite the fact that the economy still has numerous challenges, the government ran a "pretty effective" grain sowing campaign and resumed operations across the western border, according to Shmyhal.

The State Statistics Service reports that from January through March 2022, the GDP of Ukraine decreased by 15.1% annually.

The National Bank of Ukraine predicts that while the rate of economic contraction will slow in the second half of the year, overall, Ukraine's real GDP would decline by more than 30% throughout the year.

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