War to slash Ukraine’s GDP output by over 45%

Total halt: Cargo ships are docked in the port of Odessa in Ukraine. The closure of Black Sea shipping from the country has cut off some 90% of its grain exports and half of its total exports. — Reuters

WASHINGTON: Ukraine’s economic output will likely contract by a staggering 45.1% this year, as Russia’s invasion has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank says.

The World Bank also forecast Russia’s 2022 gross domestic product (GDP) output to fall 11.2% due to punishing financial sanctions imposed by the United States and its Western allies on Russia’s banks, state-owned enterprises and other institutions.