The war has set Ukraine back 15 years in terms of poverty.

As noted by the regional director of the World Bank, Arup Banerjee, the Russian Federation’s invasion into Ukraine is a tragedy with severe human and economic consequences. According to World Bank estimates, an additional eight million Ukrainians are below the poverty line compared to the pre-war period. As a result, the country has been set back 15 years in its progress toward achieving poverty reduction goals, Banerjee said. However, the official suggests that the situation could have been worse without Ukraine’s pre-war reforms. Ukraine has managed to balance its efforts to increase competition and economic efficiency with protecting the most vulnerable sections of the population. An example of this is “the government’s ability to maintain the most crucial social assistance and pension payments, even in the face of war,” he said.