Ukraine economy could shrink by up to 35% in 2022, says IMF

Institution believes invasion by Russia will cause devastating' damage to global economy

• Russia-Ukraine war: latest updates

Ukraine's war-ravaged economy could shrink by up to 35% this year if Russia's invasion becomes a protracted conflict, the International Monetary Fund has warned.

In an initial assessment, the IMF said the loss of life, damage to critical infrastructure, trade disruption and an outflow of refugees would lead to gross domestic product falling by a minimum of 10% in 2021.