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Ukraine says economic damage totals more than $500 billion and will demand compensation

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Ukrainian Economy Minister Yulia Svyrydenko said the biggest losses were in infrastructure and that GDP will fall by $112 billion in 2022.

EFE/EPA/NUNO VEIGAShopping mall that was damaged by bombing on March 21 by a Russian attack in Kiev
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The Ukrainian Minister of Economy, Yulia Svyrydenko, informed this Monday, 28, that the government estimates that the economic losses caused by the war with the Russia reach more than US$ 500 billion. “We have to take into account that, every day, the numbers change and, unfortunately, they increase”, said Svyrydenko. According to the latest assessment, the value would be around US$ 564.9 billion. This amount includes the indirect consequences of the fighting in the economy, such as the increase in unemployment, the reduction in household consumption or the reduction of the State budget. The minister also informed that the Ukraine will try to demand payment of compensation from the aggressor.

According to Svyrydenko, the biggest losses were in infrastructure, with nearly “8,000 kilometers of roads damaged or destroyed, as well as dozens of train stations and airports,” at a total cost of $119 billion. On the other hand, she estimates that GDP will fall by US$ 112 billion in 2022, which would be a contraction of more than 55% of the economy compared to 2021. The state budget could lose 48 billion dollars, which is a reduction of almost 90% of the planned annual budget.

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*With information from AFP

Source: Jovempan

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