The World Bank predicts a tenfold increase in poverty in Ukraine.
Monday, October 17, 2022

The World Bank predicts a tenfold increase in poverty in Ukraine.

The poverty level in Ukraine will increase tenfold, and the Russian Federation’s attacks only complicate the economic situation, said Arup Banerjee, the regional director of the World Bank in Eastern Europe. According to the director’s forecast, 25% of the population of Ukraine will live in poverty by the end of the year, while before the war, this was only slightly more than 2%. The expert believes that by the end of next year, this figure may increase to 55%. Winter can be especially difficult for Ukrainians. According to Banerjee, the destruction of housing and critical infrastructure could cause another wave of internal migration. Currently, the government uses its budget’s funds only for salaries, pensions, military expenses, and to service debt. If Ukraine fails to garner enough financial support, it must either print more money, which will affect the inflation rate, or cut social spending even more.

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