War to hammer Russia, Ukraine economies this year: EBRD

LONDON: MARCH. 31 – Russia’s economy will contract by 10 percent this year and Ukraine’s gross domestic product by as much as 20 percent as the war between the two countries causes “the greatest supply shock” for 50 years, the European development bank, EBRD, forecast Thursday.

Before Russia invaded its pro-Western neighbour on February 24, the London-based European Bank for Reconstruction and Development had predicted that Ukrainian GDP would grow by 3.5 percent this year and the Russian economy would expand by three percent.

-AFP