Unprecedented financial and export sanctions imposed by Western allies in response to the war, meanwhile, are plunging Russia into a deep recession, lopping off more than a tenth of its economic growth, the World Bank said in a report Sunday.
by the war, the report said. The war has cut off access to the Black Sea, a key route for exports, including 90% of Ukraine's grain shipments, it said.
"The war is having a devastating impact on human life and causing economic destruction in both countries, and will lead to significant economic losses in the Europe and Central Asia region and the rest of the world," the report said. Belarus, Kyrgyzstan, Moldova and Tajikistan also are forecast to slide into recession this year, while economic growth projections have been cut for the region's other economies because of the war's ripple effects.
The World Bank said the humanitarian catastrophe is the biggest initial shockwave from the war and will likely be its most enduring legacy, as the wave of refugees fleeing Ukraine is"anticipated to dwarf previous crises."
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