Since the beginning of the invasion, huge parts of Ukraine’s infrastructure have been destroyed, with many bridges and neighborhoods damaged or destroyed. Some areas, including ports, have been hit by blockades and agricultural land across the country has been turned into battlefields. Ukraine was a major exporter of wheat and sunflower oil before the war, and this year’s planting season is disrupted by fighting. Farmers also have difficulty accessing machinery and other basic products that usually arrived through the Black Sea ports. Russia’s economy is already in recession, with economic output expected to shrink by 11.2% this year, according to the World Bank. Emerging markets in Eastern Europe and Central Asia are also expected to be hit hard, with countries such as Belarus, Moldova and Tajikistan expected to sink into recession this year. “The scale of the humanitarian crisis unleashed by the war is staggering. The Russian invasion has dealt a huge blow to Ukraine’s economy and has caused enormous damage to infrastructure,” said Anna Bjerde, the World Bank’s vice president for Europe and Central Asia. in an announcement. “Ukraine needs huge financial support immediately as it struggles to maintain its economy and the government to run to support Ukrainian citizens who are suffering and facing an extreme situation.” Ukrainian Finance Minister Serhii Marchenko stressed that the government is still functioning, despite the war. But in a recent interview, he told CNN’s Julia Chatterley that about a third of his country’s economy is no longer functioning as atrocities continue and millions of people have fled as refugees to neighboring countries. By the end of March, about 3 million people had lost their jobs, and preliminary estimates suggest the economy may have already lost about $ 565 billion, Marchenko added, noting the massive destruction of Ukrainian infrastructure. To keep the economy afloat, the government has relied on war bonds as well as less traditional avenues, such as raising funds in cryptocurrencies and selling non-tradable tokens (NFTs). “I think the facts are true [of total economic loss] “It would be clear only after the war,” he said. “THE [best] “The scenario is for the war to end as soon as possible.”
