IMF: Ukraine’s Economy Will Shrink By 10 Percent Or More This Year

The Ukrainian economy is set to contract sharply this year as Russia’s invasion hobbles domestic consumption, reveals fresh forecasts by the world’s economic watchdog. Output in Ukraine will shrink around 10 percent this year, according to the International Monetary Fund (IMF). The hit to the country’s economy could eventually rise to some 35 percent if Moscow’s assault on Ukraine intensifies and lasts over the long term. Functioning of normal economic activity in Ukraine has been hit by the Kremlin’s decision to send…