It will take $411 billion to cover Ukraine’s reconstruction costs after the full-scale Russian invasion of Ukraine, the UN revealed in a report titled “World Economic Situation and Prospects as of mid-2023”, published on May 16.
“The longer-term outlook for Ukraine will depend on the duration and intensity of the war and its ability to finance reconstruction, with reconstruction cost estimates raised to $411 billion,” reads the report.
According to the UN, Ukraine’s economy lost a large share of its industrial capacity and energy infrastructure due to the war, contracting by 29.1% in 2022.
At the same time, despite external financial assistance, including an IMF loan and budget support from the European Union and the United States, the economy is likely to stagnate in 2023.