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UN: Russia's war harms EU economy

by Abbey Fenbert January 6, 2024 4:04 AM 2 min read
People walk past the United Nations headquarters on Dec. 12, 2023 in New York City. (Michael M. Santiago/Getty Images)
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Russia's full-scale invasion of Ukraine has slowed economic growth around the world, particularly in the EU, a United Nations official told a reporter from the Ukrainian outlet Ukrinform on Jan. 5.

Hamid Rashid, the UN's Global Economic Monitoring Branch (GEMB) chief, said that due to Russia's war, the EU's economic prospects for 2024 were "quite gloomy." Rashid led the writing team for the World Economic Situation and Prospects 2024 report, which the UN released Jan. 4.

Rashid said that the EU's GDP grew by only 0.6% last year, and that next year the expected growth rate is 1.2%.

"This is a very, very modest growth rate for the region," said Rashid.

He said the slowed growth was a "direct impact" of Russia's war, and that Europe will confront "many challenges in the future because of the war."

Rashid also said that Germany's economic situation in 2023 constituted a "technical recession."

Economy Minister Yulia Svyrydenko said on Dec. 28 that despite wartime hardships, the country's economy saw positive growth in 2023. She also reported that Ukraine's exports are forecasted to grow by 9% in 2024.

Officials from the International Monetary Fund (IMF) in November 2023 praised the Ukrainian economy for its "remarkable resilience" but acknowledged that the situation remains uncertain as long as the war drags on.  

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