Ukraine economy to shrink by almost half this year, World Bank forecasts

Bank says many surrounding countries will suffer severe hardship as result of invasion, with Russia predicted to fall into recession

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Ukraine's economy is on course to contract by almost half this year as the Russian invasion and the impact of a deep humanitarian crisis" takes its toll, the World Bank has said.

With a blockade of Black Sea ports in the south of Ukraine and the havoc caused to industry in the east, the war-torn country's GDP is projected to shrink by about 45% in 2022.