The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Ukraine’s economy will plunge by almost a third in 2022, more than previously expected, in a scenario in which the war ends this year, the European Bank for Reconstruction and Development said. The forecasts assume that a cease-fire will be negotiated this year and reconstruction of the country can begin in 2023.
, with the economy projected to grow 25% next year.
The war has also revealed vulnerabilities in global supply chains, according to the EBRD. Two Ukrainian companies account for about 35% of the global supply of purified neon, a key component for the manufacture of semiconductor chips.
Russia’s economy is expected to shrink 10% this year and stagnate in 2023, according to the EBRD.