Ukraine economy to shrink by 32 per cent

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

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.

Also Read: Would be serious mistake if Russia uses nuke against Ukraine: Joe Biden

“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.

Shot down over 300 Iranian-made drones: Ukraine

Ukraine has shot down more than 300 Iranian Shahed-136 ‘kamikaze’ drones so far, air force spokesman Yuriy Ihnat told a briefing on Friday. The drones have become a key weapon in Russia’s arsenal during its war in Ukraine and have often been used in the past month to target crucial energy infrastructure.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels