Ukraine's GDP decline may reach almost 40% in 2022 due to prolonged power outages Ministry of Economy
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Ukraine's GDP decline may reach almost 40% in 2022 due to prolonged power outages Ministry of Economy

This is likely to happen if the blackouts continue in the coming weeks

Ukraine's GDP decline may reach almost 40% in 2022 due to prolonged power outages  Ministry of Economy

What happened? Ukraine's gross domestic product (GDP) could fall by 39% due to power outages for businesses.

Source. Yulia Svyrydenko, the First Vice Prime Minister, Minister of Economy, in Washington in a comment to Ukrinform.

Details. “According to our calculations, if the blackouts continue for the next few weeks, Ukraine's GDP will decline even more – possibly by 39%,” she said. Ms. Svyrydenko stressed that due to power outages some companies and businesses were forced to suspend operations.

In her opinion, in order to mitigate the consequences it is necessary to quickly restore the damaged infrastructure, in particular energy infrastructure, as well as to use alternative power sources.

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