World Bank increases assessment of Ukraine's needs for recovery to $411 billion

The World Bank, together with the European Commission, the UN and the government of Ukraine, revised the assessment of Ukraine's needs for post-war recovery. Now it stands at $411 billion, not $349 billion, or 2.6 of the country's GDP in 2022, writes Bloomberg.

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According to the World Bank, the war pushed 7.1 million Ukrainian citizens (17% of the pre-war population) into poverty and erased 15 years of the country's economic development.

The World Bank's previous Rapid Damage and Needs Assessment (RDNA) report, published in September, was the first comprehensive attempt to assess the effects of the war in 20 different sectors. It was based on data as of June 1, 2022.

The updated estimate covers the entire first year of full-scale war.

The fact that the increase in losses in the second report did not grow so much, only by 20%, the World Bank attributes to several factors: the war is going on in already heavily destroyed areas, Ukraine receives significant international aid and is able to maintain basic state functions.

  • In January 2023, Ukraine created the Recovery Agency on the basis of the state road agency Ukravtodor.
  • According to the Ministry of Infrastructure, as of the fall of 2022, more than 2.4 million Ukrainians lived in damaged or destroyed housing.