What's Hot

    Father’s Day – Stepping into father’s shoes

    June 18, 2022

    4 Expert-Backed Strategies for Managing Anxiety

    April 15, 2022

    Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

    April 4, 2022

    UK could open seven new nuclear power stations to reduce Russian oil dependence

    April 4, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram LinkedIn
    United Business OutlookUnited Business Outlook
    NOMINATE FOR AWARDS
    • Home
    • Top Global News
    • INFO-TECH
      1. Social Media
      2. How-To
      3. Computer & Laptops
      4. Mobile & Tablets
      5. Gadgets
      6. View All

      5 Best Video Editing Apps For Social Media

      March 30, 2022

      Social Media Strategies To Follow

      March 15, 2022

      WeChat: What You Need To Know

      March 7, 2022

      Social Media Content You Need to Create.

      February 5, 2022

      Things to know before starting a business with friends

      March 25, 2022

      How to get a job in the finance industry

      March 2, 2022

      How modern technology helping us solve problems

      February 28, 2022

      Legal requirements to start a business

      February 28, 2022

      Cloud computing basics

      March 9, 2022

      OnePlus 10 Pro- The launch we are waiting for!

      March 29, 2022

      The most valuable brands in 2022

      March 14, 2022

      How modern technology helping us solve problems

      February 28, 2022

      Huawei launches Smart Glasses with Detachable Front Frame along with MateBook X Pro.

      December 25, 2021

      Father’s Day – Stepping into father’s shoes

      June 18, 2022

      4 Expert-Backed Strategies for Managing Anxiety

      April 15, 2022

      Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

      April 4, 2022

      UK could open seven new nuclear power stations to reduce Russian oil dependence

      April 4, 2022
    • Markets
    • Crypto
    • Funding
    • More
      • Retail
      • Entrepreneurs
      • Automotive
      • Healthcare
      • Industries
      • Technology
      • Companies
        • Apple
        • SamSung
      • Fintech
      • Marketing
      • Real Estate
      • Sales
    United Business OutlookUnited Business Outlook
    Home»Top Global News»The economy of Ukraine could shrink by up to 35%

    The economy of Ukraine could shrink by up to 35%

    Anjali SinghBy Anjali Singh2 Mins Read Top Global News March 17, 2022
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    If the war with Russia continues, the economy of Ukraine could contract by more than a third this year, says IMF.

    According to the global lending body, the country is already seeing a 10% decline as a result of the invasion. This has wreaked havoc on major cities, wrecked airports, and sparked a refugee crisis.

    The IMF just sent Ukraine $1.4 billion in emergency funds. It is the maximum amount allowed under its terms. It predicted that billions more will be required.

    A report produced before the emergency loan was granted last week featured a grim economic forecast for Ukraine. The figures were derived by examining the economics of countries like Lebanon, Iraq, and Syria during times of war.

    “With the conflict still going on, the situation remains extremely fluid, and any forecast at this point is susceptible to huge uncertainty,” the report added, projecting a 25% to 35% contraction in the GDP.

    It stated that the report’s estimations should be “viewed as a bare minimum.”

    Following Russia’s invasion of Crimea in 2014 and 2015, Ukraine experienced economic shocks. With output decreasing by 6.6 percent and ten percent, respectively.

    However, thanks to a record grain crop, Ukraine’s economy, which is mainly reliant on exports, grew by 3% last year. In 2022, output predicted to increase by another 3.6 percent.

    “A deep recession and high reconstruction expenses are to be expected, on the backdrop of a humanitarian crisis,” the IMF said.

    More Struggle To Face

    According to the 7 March report, the government has prioritized defense and social spending while remaining current on its foreign debt payments. Companies continue to pay taxes, and money continues to flow through the country’s financial system. Even though many bank branches have closed and authorities have been forced to take emergency measures.

    According to the assessment, the country is going to struggle much more.

    According to IMF officials, the IMF wants to set up tools to help its members send money to Ukraine, which has already spent the equivalent of $1.4 billion servicing, And repaying the government’s foreign debt since the beginning of the war.

    Read more on Russia-Ukraine War

    • US Warns China: China May Face Consequences For Helping Russia
    • Boris Johnson warns Russia’s war in Ukraine risks ‘radioactive clouds’ over Europe
    IMF Russia Russia-Ukraine Russia-Ukraine War
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleB2B vs B2C : What are they and how do they differ?
    Next Article Terms Every Entrepreneur Should Know In Finance
    Anjali Singh
    • Tumblr

    I'm Anjali Singh. Writing is what I do. I look out for opportunities where I can learn and grow. I'm a creative and witty person. I'm quite artistic & I admire the art of different forms.

    Related Posts

    Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

    April 4, 2022

    UK could open seven new nuclear power stations to reduce Russian oil dependence

    April 4, 2022

    Tesla: Despite obstacles, Tesla produces a record number of automobiles

    April 4, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    advertisement@unitedbusinessoutlook.com

    United Business Outlook Is An Online Magazine Providing Comprehensive Coverage And Analysis Of International Businesses From All Industries.

    We're social. Connect with us:

    Facebook Twitter Instagram YouTube LinkedIn
    Top Global News

    Boris Johnson slams Russia’s ‘despicable attacks’ on Bucha citizens

    April 4, 2022

    UK could open seven new nuclear power stations to reduce Russian oil dependence

    April 4, 2022

    Tesla: Despite obstacles, Tesla produces a record number of automobiles

    April 4, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2023 United Business Outlook | A Venture by Famezop Media.
    • Home
    • Get In Touch
    • Our Authors
    • Privacy & Policy

    Type above and press Enter to search. Press Esc to cancel.