Ukraine's economy set to shrink by 30%

Ukraine's economy set to shrink by 30%, new forecast shows

The Ukrainian economy is set to contract by almost a third this year in the wake of Russia's invasion, Qazet.az reports according to the European development bank.

This is worse than the 20% reduction the bank forecast in March, shortly after the invasion, news agency AFP reports.

But the bank expects Ukraine's economy to rebound by 25% in 2023, up from its earlier prediction of 23%.

It forecasts that Russia's economy will shrink by 10% this year and post zero growth next year.