OREANDA-NEWS  Ukraine's economy shrank by more than 35 percent in 2022, according to the United Nations (UN) report "World Economic Situation and Prospects for 2023."

It is noted that this was due to the massive destruction of the republic's infrastructure, disruptions in production and trade activities, as well as a significant reduction in the workforce and large-scale displacement of the population. The document stresses that recovery after the conflict will require huge financial resources.

The UN also noted that the conflict in Ukraine has a strong impact on the short-term economic prospects of the Commonwealth of Independent States and Georgia. "The shrinking economy of the Russian Federation and significant production losses in Ukraine have a side effect on the rest of the region," the report says. According to UN estimates, the economy of the CIS countries in 2023, taking into account Georgia, but without Ukraine, will shrink by one percent.

Earlier, the Ministry of Economy of Ukraine estimated a drop in gross domestic product by the end of 2022. According to the ministry, it is estimated at 30.4 percent and is the worst result in the history of the country.