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Ukraine Under Largest Economic Slump, War ‘Accountable’

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Kyiv [Ukraine]: In the ongoing conflict between Ukraine and Russia which has resulted in widespread devastation of life and property, Ukraine has suffered its sharpest economic decline in over 30 years in 2022, Al Jazeera reported, citing the official data.

The Gross domestic product (GDP) declined by 30.4 per cent last year, according to preliminary figures from the data released by the Economy Ministry on Thursday. Economic specialists said dangers and uncertainty are still high, particularly if Russia continues to target the nation’s vital infrastructure.

Quoting Yulia Svyrydenko, Ukraine’s economy minister, Al Jazeera described the fall as less severe than anticipated, despite the fact that it was the largest in any year since Ukraine gained independence from the Soviet Union in 1991.

“The successes of Ukraine’s defence forces on the front lines, the coordinated work of the government and businesses, the unbreakable spirit of the population and the speed of rebuilding damaged critical infrastructure units, and also systemic financial support from international donors have allowed us to keep up the economic front and continue our movement towards victory,” Svyrydenko said.

The ongoing war between Russia and Ukraine has only escalated between the two countries over time and has received widespread, global condemnation.

On New Year’s eve, massive explosions rocked the Ukrainian capital of Kyiv on Sunday following a barrage of at least 20 cruise missiles fired at targets across Ukraine, Al Jazeera reported on Sunday citing Kyiv’s Mayor Vitali Klitschko.

The attacks on New Year came after a barrage of at least 20 cruise missiles fired at targets across Ukraine.

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