The World Bank, the European Commission, the UN, and the government of Ukraine revised the assessment of Ukraine’s needs for post-war recovery. Now it is $411B, up from $349B, or more than twice the country’s GDP, reported Bloomberg.
The World Bank noted that the war pushed 7.1 million Ukrainian citizens (17% of the pre-war population) into poverty and erased 15 years of economic development.
A previous World Bank report in September was the first comprehensive attempt to assess the effects of the war across 20 different sectors. It was based on data as of June 1, 2022.
The updated estimate covers the entire first year of full-scale war. To explain that the losses in the second report increased by only 20%, the World Bank notes several factors: The war is going on in areas that have already sustained heavy damage and Ukraine receives significant international aid that enables it to maintain essential state functions.