Damage to Ukraine's economy to total $700 bln by year's end, GDP could fall 50% - PM

MOSCOW. Dec 14 (Interfax) - The Ukrainian authorities have estimated that the economic damage inflicted on the country as a result of the military conflict will total $700 billion by the end of this year.

By Ukrainian estimates that have been verified by the World Bank, the amount of damage inflicted on the country's economy totalled $350 billion as of June 1, and it is clear that this figure will double by the end of the year, Ukrainian media reported, citing statements made by Prime Minister Denis Shmygal at an economic forum in Paris on Tuesday.

Ukraine's GDP could shrink by 50% in 2022, he said. Ukraine's economy is currently forecast to contract by 35-40%, but given the further destruction of infrastructure, including energy infrastructure, the country could lose an additional 10%, meaning a total of 50% of its GDP, Shmygal said.