411 Billion Dollars for Ukraine's Economic Recovery: UN

Despite loans from the International Monetary Fund and international financial aid, Ukraine's economy is set to stagnate in 2023, with the recovery cost currently estimated at $411 billion. This is noted in the UN's "World Economic Situation and Prospects" report released on Tuesday, as reported by ТАСС.

“Ukraine's economy has lost a significant portion of its industrial capacities and energy infrastructure due to the war, resulting in a 29.1% contraction in 2022. Despite external financial assistance, including loans from the IMF and direct budget support from the European Union and the United States, the country's economy is likely to stagnate in 2023. The long-term prospects depend on the duration and intensity of the war, as well as the country’s ability to finance its recovery, which is estimated to cost up to $411 billion,” the report states.

In contrast, the economic development dynamics in other CIS countries and Georgia are positive. “Energy-exporting countries, including Azerbaijan and Kazakhstan, will benefit from higher oil prices due to OPEC+ production cuts. The combined GDP of the CIS countries and Georgia is expected to grow by 0.6% in 2023, following a 1.9% decline in 2022, while growth is projected to accelerate to 2.2% in 2024,” the report mentions.