World Bank downgrades Ukraine's GDP growth forecast to 0.5% this year
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The World Bank has lowered its estimate for Ukraine's GDP growth this year to 0.5 from 3.3 per cent estimated in January, state media reported.
The economic toll caused by the Russia-Ukraine war was the main factor behind the downgrade, the bank said in a report on Thursday.
According to it, the reopening of Ukraine's Black Sea ports and resumption of grain trade, as well as substantial donor support, will help support economic activity in Ukraine this year, the Interfax-Ukraine news agency reported.
The bank estimated the cost of Ukraine's post-war reconstruction and recovery at $411 billion, Xinhua news agency reported.
The World Bank projected that the Ukrainian economy will grow by 6.5 per cent in 2025 after rising 3.5 per cent in 2024.
In 2022, Ukraine's GDP suffered a record decline of 29.2 per cent, according to the bank.
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