War to Slash Ukraine’s GDP Output by Over 45 Percent, World Bank Forecasts

A combine harvester gathers wheat in a field near the village of Hrebeni in Kyiv region, Ukraine, on July 17, 2020. Valentyn Ogirenko/Reuters

WASHINGTON—Ukraine’s economic output will likely contract by a staggering 45.1 percent this year as Russia’s invasion has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank said on Sunday.

The World Bank also forecast Russia’s 2022 GDP output to fall 11.2 percent due to punishing financial sanctions imposed by the United States and its Western allies on Russia’s banks, state-owned enterprises and other institutions.