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World Bank: Ukraine GDP to shrink 8% this year | World Bank: Ukraine GDP to shrink 8% this year |
(35 minutes later) | |
Ukraine's economy is likely to suffer more than previously predicted because of the conflict in the east of the country, the World Bank has said. | Ukraine's economy is likely to suffer more than previously predicted because of the conflict in the east of the country, the World Bank has said. |
It now says that GDP is likely to contract by 8% this year, compared with its previous prediction of 5%. | It now says that GDP is likely to contract by 8% this year, compared with its previous prediction of 5%. |
It also now expects a 1% contraction in 2015, instead of 2.5% growth. | It also now expects a 1% contraction in 2015, instead of 2.5% growth. |
The prediction comes as pro-Russian separatists and government forces vie for control of the airport in the eastern city of Donetsk. | The prediction comes as pro-Russian separatists and government forces vie for control of the airport in the eastern city of Donetsk. |
The rebels say they occupy nearly all the airport, but the government disputes this. | The rebels say they occupy nearly all the airport, but the government disputes this. |
The World Bank said the conflict had caused disruption in economic activity in the eastern Donetsk and Luhansk regions, leading to a sharper decline in GDP. | The World Bank said the conflict had caused disruption in economic activity in the eastern Donetsk and Luhansk regions, leading to a sharper decline in GDP. |
The bank's chief representative in Ukraine, Qimiao Fan, said the two regions accounted for about one-sixth of the country's GDP, including a quarter of industrial output. | The bank's chief representative in Ukraine, Qimiao Fan, said the two regions accounted for about one-sixth of the country's GDP, including a quarter of industrial output. |
The crisis in eastern Ukraine and Russia's annexation of Crimea have prompted the US and EU to impose an array of sanctions on Russian individuals and businesses. | |
But on Thursday, Russian President Vladimir Putin described the sanctions as "unwarranted" and said they would not stop his country developing into a stronger economic power. | |
He told an audience of business leaders in Moscow that Russia would continue to develop as an open market economy. | |
He added that the government would not impose controls on the flow of money in and out of the country, nor would it seek to curb currency movements. |
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