INSUBCONTINENT EXCLUSIVE:
The World Bank issued dire forecasts for Ukraine as Russia's invasion impacts both the country and its neighbors, warning in a report
released Sunday of an even bleaker economic outlook if the conflict drags on.Ukraine's economy will collapse by 45.1% this year, the bank
predicted, far worse than the 10% to 35% downturn the IMF projected last month.Russia will see an 11.2% decline in GDP, and the World Bank
said the entire region is suffering economic consequences from the war, which began in late February and has caused more than 4 million
analysis are very sobering
Our forecasts show that the Russian invasion in Ukraine has reversed the region's recovery from the pandemic," said Anna Bjerde, World Bank
vice president for Europe and Central Asia."This is the second major shock to hit the regional economy in two years and comes at a very
precarious time for the region, as many economies were still struggling to recover from the pandemic," she told reporters.The
Washington-based institutions expect emerging and developing countries in the Europe and Central Asia region to contract by 4.1% this year,
scenario Ukraine faces the starkest outlook, with its economy under "severe strain" from shrunken government revenues, businesses that have
closed or are only partially operational and trade in goods that is severely disrupted.Grain exports and other economic activity have
would continue for a few more months, but cautioned that they "are subject to significant uncertainty."In a more pessimistic scenario, which
reflects an escalation of the conflict, there would be a larger negative impact on the euro area, increased Western sanctions and a
with a 20% decline for Russia and a 75% collapse for Ukraine, the report said.Another cause for concern is a projected increase in poverty
conflict, not only because of its geographic proximity to the war, but also its inherent vulnerability as a small economy closely linked to
