Ukraine’s economy shrank by more than 30% in 2022 after Russia’s brutal invasion destroyed infrastructure, paralyzed businesses and disrupted daily life, according to the country’s economy ministry.
“During 2022, Ukraine’s economy has suffered the greatest losses and damages in the history of its independence,” Economy Minister Yulia Svyrydenko said on Thursday.
The projected 30.4% contraction in Gross Domestic Product is much better than experts feared in the wake of the February 2022 invasion of Russia. At the time, many projected that Ukraine’s economic output would fall by between 40% and 50%.
“The successes of the Ukrainian defense forces on the battlefield, the coordinated work of the government and companies, the indomitable spirit of the population, the speed of restoration of critical infrastructure destroyed/damaged by domestic services, as well as the systematic financial support of organizations international partners have allowed us to keep the economic front and continue moving towards victory,” said Svyrydenko.
The ministry warned, however, that Russian missile strikes “continued to put pressure on sentiment and business activity” in December.
Ukraine’s economy grew by 3.4% in 2021, according to the World Bank.
*Olga Voitovych and Sebastian Shukla contributed reporting.
Source: CNN Brasil
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