The World Bank has increased its assessment of Ukraine's needs for recovery and reconstruction funds to at least US$411 billion.
Source: Bloomberg, with reference to calculations by the World Bank based on the damage caused during the first year of the full-scale war.
This figure is 2.6 times Ukraine’s projected GDP for 2022.
The WB assessment also found that the Russian invasion has pushed 7.1 million people into poverty and rolled back development progress by 15 years.
Last September, the World Bank made its first estimate at US$349 billion, based on damage done in the first three months of the war.
According to the World Bank, losses did not increase as much as expected after the first three months due to several factors, such as: the greatest intensity of hostilities remains limited to areas that have already suffered significant destruction; some of the country's needs have already been met by the government with international support; and the government's ability to maintain uninterrupted delivery of essential services.
As of February 2023, the amount of damage caused to the infrastructure of Ukraine due to the full-scale invasion of the Russian Federation increased by another US$6 billion and amounts to US$143.8 billion.