Ukraine’s Economy Could Contract 40 Percent in 2022, Ministry Says

A local man walks past a damaged armored personal carrier, as Russia's attack on Ukraine continues, in the town of Makariv, in Kyiv region, Ukraine, on April 1, 2022. (Serhii Mykhalchuk/Reuters)

Ukraine’s economy shrank 16 percent year-on-year in the first quarter of this year and could contract 40 percent in 2022 as a result of Russia’s invasion, the economy ministry said in a statement on Saturday, citing preliminary estimates.

“Areas in which remote work is impossible have suffered the most,” it said.