Ukraine economy to shrink by 32 per cent

Workers fix power transmission equipment destroyed after a missile strike at an undisclosed location in Ukraine, on Thursday. Pic/AFP

Ukraine's economy will shrink by almost 32 per cent this year and annual inflation will accelerate to 30 per cent, largely due to the damage done by Russia's invasion, the Ukrainian central bank said on Thursday.

Assuming security risks decline and demand picks up, gross domestic product will grow by around 4 per cent to 5 per cent per year in 2023 and 2024, the bank said in a quarterly inflation report.

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"This year's economic downturn has been driven by lower domestic demand, disrupted logistics, and large losses of labour force and production potential caused by the war," it said, predicting the unemployment rate would hit 30 per cent this year.

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