Ukraine's economy could contract by 40 per cent in 2022

A building in Ukraine destroyed during the Ukraine-Russia war. [Courtesy of Al-Jazeera]

Ukraine's economy shrank 16 per cent year-on-year in the first quarter of this year, and could contract 40 per cent in 2022 as a result of Russia's invasion, the economy ministry said in a statement on Saturday, citing preliminary estimates.

"Areas in which remote work is impossible have suffered the most," it said.

The GDP value of Ukraine represents 0.14 per cent of the world economy, says Trading Economics.

Economic models indicated that the country’s GDP would stand at around $184.92 (Sh21.3 trillion) in 2022, but due to the war, the projections could dip significantly.