Ukraine’s economy shrank by more than 30% in 2022 after a brutal Russian invasion destroyed infrastructure, paralyzed businesses and disrupted daily life, according to Ukraine’s economy ministry.
“In 2022, the Ukrainian economy has suffered the greatest losses and damages in the history of independence,” Economy Minister Yulia Sviridenko said on Thursday.
The 30.4% contraction in gross domestic product that experts feared immediately after Russia’s invasion in February 2022 is much better.
“The success of the Ukrainian Armed Forces on the battlefield, the joint work of the government and companies, the fortitude of the people, the speed of restoration of destroyed / damaged critical infrastructure by domestic services, systematic financial support from international organizations. Thanks to our partners. We were able to stay on the economic front and keep moving forward towards victory,” said Svyrydenko.
But the ministry warned that missile attacks from Russia “continued to put pressure on business sentiment and activity” in December.
According to the World Bank, Ukraine’s economy will grow by 3.4% in 2021.
— Olga Voitovych and Sebastian Shukla contributed to the report.
This is a developing story and will be updated.