The World Bank has downgraded its forecast for Ukraine's GDP growth in 2023 to 0.5%
At the same time, in January this year, the Bank expected faster growth – by 3.3%
The World Bank predicts that Ukraine's GDP will grow by 0.5% this year after falling by 29.2% last year, and by 3.5% next year. However, in January this year, the Bank expected faster growth: by 3.3% in 2023 and 4.1% in 2024.
This is stated in the updated Economic Outlook for the region by the World Bank.
"While the economic toll suffered by Ukraine as a result of the invasion is enormous, the reopening of Ukraine’s Black Sea ports and resumption of grain trade, as well as substantial donor support, are helping support economic activity this year," the WB said in its updated Economic Outlook for the region on Thursday.
The Bank recalled that according to its latest estimates, the cost of Ukraine's recovery has now risen to $411 billion, more than double the size of Ukraine's pre-war economy in 2021.
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