Invasion to shrink Ukraine's economy by 45%: World Bank
Russia's invasion is expected to shrink Ukraine's economy by about 45.1% this year, the World Bank said on Monday.
"Ukraine needs massive financial support immediately," said Anna Bjerde, World Bank vice president for the Europe and Central Asia region.
The World Bank said a $3 billion package is being prepared for Ukraine. Already $925 million in emergency funding has been mobilized for Ukraine to help pay wages for hospital workers, pensions for the elderly and social programs for the vulnerable. The Bank Group is also looking at how to support refugees in host countries.
Meanwhile, Russia, hit by unprecedented sanctions, has already plunged into a deep recession with output projected to contract by 11.2% in 2022, the World Bank said.
-ABC News' Christine Theodorou