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World Bank decreases Ukraine's GDP growth forecast for 2023

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In its June report, the World Bank set Ukraine's GDP forecast for the following year at 2%, compared to 3.3% in January.

The forecast reportedly worsened due to Russia's attacks against Ukraine's energy infrastructure at the end of 2022 and the departure of a significant part of the country's working demographic abroad.

According to the latest UN data, there are over 8 million Ukrainian refugees recorded in Europe.

The World Bank estimates Ukraine's reconstruction and restoration costs to be 2.6 times the level of its GDP for 2022.

The data used by the World Bank went until May 30. The impact of the Kakhovka dam flood has not been taken into account.

Unlike the World Bank, the National Bank of Ukraine (NBU) increased its GDP growth forecast on March 29 from 0.3% to 1%. The NBU highlighted the influx of international aid and stabilization in Ukraine's energy sector.

Russia's all-out war in Ukraine has resulted in over $143.8 billion in damages, according to the Kyiv School of Economics.

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Martin Fornusek

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Martin Fornusek is a reporter for the Kyiv Independent, specializing in international and regional politics, history, and disinformation. Based in Lviv, Martin often reports on international politics, with a focus on analyzing developments related to Ukraine and Russia. His career in journalism began in 2021 after graduating from Masaryk University in Brno, Czechia, earning a Master's degree in Conflict and Democracy Studies. Martin has been invited to speak on Times Radio, France 24, Czech Television, and Radio Free Europe. He speaks English, Czech, and Ukrainian.

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