According to the most recent World Bank estimates, Ukraine needs $411 billion for restoration and recovery after one year of the war. According to Anna Bjerde, vice president for Europe and Central Asia at the World Bank, the rehabilitation and reconstruction of Ukraine will “take several years.” These projections “should be seen as minimums as demands will continue to rise as long as the war continues,” the report that was released on Wednesday stated. The February 24, 2022 start of the Ukrainian war has significantly harmed the world economy. In addition to forcing millions of people to relocate, the Russian invasion also raised food and energy prices around the world.
According to the most recent estimate, Kyiv will need over $14 billion for crucial reconstruction and recovery expenditures by 2023. It predicts that to achieve these objectives, the Ukrainian government will need an additional $11 billion in the financing, on top of what it has budgeted for in 2023. The largest anticipated needs, according to AFP, are in transportation, followed closely by housing and energy.
World Bank, European Commission, UN, and the government contributed to the recent evaluation
The World Bank, the European Commission, the United Nations, and the Ukrainian government all contributed to the most recent evaluation. It is almost $62 billion more than the $349 billion preliminary estimate that was published in September.
The evaluation claims that the war has driven 7.1 million people into poverty, undoing 15 years of advancement and growth. According to AFP, the $411 billion required is roughly 2.6 times the projected gross domestic product for Ukraine in 2022.
“Energy infrastructure, housing, critical infrastructure, economy, and humanitarian demining are our five priorities for this year,” said Ukraine’s Prime Minister Denys Shmygal in a statement. He further warned that “the amount of damage and recovery needs currently does not include data on the loss of infrastructure, housing, and businesses in the occupied territories.”