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Reuters

Ukraine's economy could contract 40% in 2022, ministry says

A local man walks past a damaged armoured personal carrier, as Russia?s attack on Ukraine continues, in the town of Makariv, in Kyiv region, Ukraine April 1, 2022. Picture taken April 1, 2022. REUTERS/Serhii Mykhalchuk

Ukraine's economy shrank 16% year-on-year in the first quarter of this year and could contract 40% in 2022 as a result of Russia's invasion, the economy ministry said in a statement on Saturday, citing preliminary estimates.

"Areas in which remote work is impossible have suffered the most," it said.

(Reporting by Natalia Zinets; Writing by Alessandra Prentice; Editing by Alison Williams)

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