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Ukraine's economy shrinks by estimated 16% between January and April.

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Ukraine's economy may shrink by 40% by the end of the year due to the war, according to Denys Kudin, the first deputy minister of economy. Prime Minister Denys Shmyhal said on March 29 that economic losses due to the war could exceed $1 trillion.

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We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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Russia failed to break Ukraine’s army on the battlefield, and now it’s trying to do it through a peace plan that would cap Ukraine’s forces at 600,000. Some argue that Ukraine would shrink its army — currently estimated at about 800,000 — after the war anyway.

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