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World Bank: Poverty level in Ukraine has increased tenfold

by The Kyiv Independent news desk October 16, 2022 1:21 PM 1 min read
This audio is created with AI assistance

Twenty-five percent of Ukrainians would be living in poverty by the end of the year, and the number could rise to as high as 55% by the end of 2023, according to World Bank regional country director for Eastern Europe Arup Banerji.

Russia's increased attacks against civilian infrastructure will complicate the dire economic situation Ukraine is facing, Banerji said. "If this continues, the outlook is going to be much, much harder."

Ukraine’s GDP has dropped by 30% in the first nine months of 2022. The Economy Ministry notes that Russia’s full-scale invasion and the weather, which has been rainy and thus slowed harvest in some regions, are critical reasons for the decrease in the first three quarters of 2022.

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