Global media are focusing on the economic impact the sanctions are having on Russia. Meanwhile, the war and sanctions are having disastrous impact on the Ukrainian economy. The GDP is expected to contract by 45%, and grain exports have been cut by 90%.
The Ukrainian currency is at a ten-year low, and ATMs have seen record withdrawals. The World Bank estimates that over half the country’s business are closed, while McDonalds has closed its 108 stores in Ukraine. Ukraine’s unemployment rate was already over 10% before the conflict started. With 6 million people having fled the country, $100 billion in infrastructure destroyed, exports restricted or impossible, and internal economic activity stymied, the number of people who have lost their livelihood must be close to 75% of the population.
#economy #ukraine #currency #hryvnia #russia #sanctions #yuan #china #ruble
