Ukraine’s Economy Likely To Shrink Further In 2023

Russia’s re-invasion of Ukraine in February 2022 took a heavy toll on the Ukrainian economy. Moscow focused on destroying the Russian-speaking industrial heartland in the southeast, displacing millions of workers, damaging crops, smashing the power grid and blocking exports from Ukraine’s seaports. As a result, Ukraine’s gross domestic product (GDP) plunged 30 percent in 2022 (Me.gov.ua, January 5). Worse had been expected, yet the economy was able to weather the storm largely thanks to Western assistance. In 2023, everything…