World Bank: Ukraine's war-torn economy will sink 35 per cent in 2022
Devastated by Russia's invasion eight months ago, the Ukrainian economy will plunge 35 per cent this year, the World Bank forecast Tuesday.
The war has destroyed factories and farmland and displaced millions of Ukrainians. The World Bank, a 189-country anti-poverty agency, estimates that rebuilding the country will cost at least $349 billion, 1.5 times the size of Ukraine's prewar economy.
"Ukraine continues to need enormous financial support as the war needlessly rages on as well as for recovery and reconstruction projects," said Anna Bjerde, World Bank vice president for Europe and Central Asia.
Still, the bank's assessment for Ukraine's economy marks an upgrade from the 45.1 per cent freefall it forecast in June. And it expects that the Ukrainian economy will return to growth in 2023, expanding 3.3 per cent -- though the outlook is highly uncertain and will depend on the course of the war.
Meanwhile, the Russian economy, hammered by Western sanctions, is expected to shrink both years -- by 4.5 per cent in 2022 and 3.6 per cent next year. In June, however, the bank had predicted the Russian economy would fare even worse this year, shrinking by 8.9 per cent. The energy-producing Russian economy has proven surprisingly resilient, helped by a surge in oil and natural gas prices.
The Washington-based bank expects the emerging economies of Europe and Central Asia collectively to shrink 0.2 per cent this year and eke out growth of just 0.3 per cent in 2023.
The bank's economic assessment for 23 countries in southern and eastern Europe and in Central Asia was an improvement from the 2.9 per cent contraction it predicted for 2022 back in June. The upgrade reflects, in part, the extension of government stimulus programs originally meant to combat the economic consequences of the coronavirus pandemic.
But the outlook for 2023 dimmed from the bank's earlier forecast for 1.5 per cent regional growth.
Nine out of 10 Canadians believe there could be a recession in 2023, according to a new national survey, with four out of 10 calling it 'likely.'
At first glance, it might seem like the deals have never been better as posters in store windows and online ads trumpet a steady stream of holiday sales. But some consumers say the discounts are more hype than real.
With the 2023 post-secondary education application deadlines approaching, many students across Canada are looking for alternatives to university and college, leaving parents anxious taking a ‘gap year’ could mean they never return to school.
Wouldn't it be nice to never have to work again? While this may sound like a dream to many, it is entirely possible. CTVNews.ca personal finance contributor Christopher Liew shares a handful of helpful tips on how to potentially achieve financial independence.
Recent homebuyers with variable-rate mortgages will find the adjustment to higher interest rates more painful, said Bank of Canada senior deputy governor Carolyn Rogers.
Buying your first car can be as exciting as it is daunting. Whether you’re buying a car off the lot from a dealership or purchasing a car in a private sale, contributor Christopher Liew shares in an exclusive column for CTVNews.ca a few basic tips that you should always keep in mind.
In March 2022 alone, food banks across Canada had 1.5 million visits, a 15 per cent increase from the year prior and the highest recorded usage on record.
Many Canadians have one or two old credit cards that they no longer use. Before you jump to close your old, unused credit card, CTVNews.ca contributor Christopher Liew outlines some of the pros and cons of closing a credit card account, so you can make the most informed decision.