Ukraine's economy to shrink by 30% in 2022 due to war, says EBRD

Ukraine’s economy will plunge by almost a third in 2022, more than previously expected, in a scenario in which the war ends this year, the European Bank for Reconstruction and Development said. 

The expected downturn is deeper than the 20 per cent contraction the EBRD estimated in March because of a “larger-than-previously-expected contraction in Ukraine as the war drags on,” it said in its report. 

Russia’s invasion has upended trade in energy, agricultural commodities and fertilisers and disrupted supply chains, resulting in slower growth across eastern Europe. Gas prices in Europe have risen to historic highs, furling inflation across the region and