Ukraine Hit 30-Year-Low Economic Decline at 30.4% in 2022
Per Reuters
The war on Ukraine has resulted in the country's economy hitting its 30-year low in 2022. The country's economy dropped by 30.4% in gross domestic product (GDP).
Preliminary economy ministry data revealed that the war in Ukraine resulted in steep economic drops as the country slipped by 30.4% in terms of GDP. The last time the country experienced this type of GDP was in 1991, when it won independence from the Soviet Union.
Economic Minister Yulia Svyrydenko notes that despite the steep decline, the drop was not as large as they initially expected. Svyrydenko also works as the first deputy prime minister.
Svyrydenko: "In 2022, the Ukrainian economy suffered its largest losses and damages in the entire history of independence, inflicted on it by the Russian Federation,"
Svyrydenko also noted that the country was successful regarding its front-line defense forces. On top of saying their defenses were effective, the Economic Minister also noted that the country was successful in terms of the governments' and businesses' coordinated work.
The Economic Minister also shared how the country was able to rebuild damaged critical infrastructure units speedily and was successful in terms of international donors' systematic financial support.
Aside from its economy, Ukraine's exports have dropped 35% compared to its numbers in 2021, while the country experienced a 38.4% in terms of physical volumes. Export is important for the country because it is recognized as a major global grain producer and exporter.
Throughout 2022, Ukraine has received foreign grants and loans amounting to $31 billion, including government and private companies. Dragon Capital investment bank chief economist Olena Bilan gave a statement sharing how it was important to support Ukraine.
Bilan: "International partners are ready to support us not only with arms but with money. It is critically important to maintain macro-financial stability,"
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