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World Bank decreases Ukraine's GDP growth forecast for 2023

by Martin Fornusek June 7, 2023 9:02 PM 1 min read
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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.

Even after sanctions, Russian economy can pay for war
The Russian economy has faced unprecedented sanctions since the Kremlin launched the full-scale invasion of Ukraine on Feb. 24. The latest events – the West’s embargo on seaborn oil and price cap on Russian oil sales worldwide – are seen as a blow to the Russian economy, whose backbone is the energ…
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