As the Russia-Ukraine conflict marks its third anniversary, both nations have endured significant economic hardships and challenges.
In the conflict's first year, Ukraine faced its largest recession in history, with its GDP plummeting by 28.8 percent, according to the International Monetary Fund (IMF). Russia, meanwhile, experienced a 1.2 percent year-on-year decline in GDP. The economic downturn was exacerbated in 2023 when the European Union implemented a ban on Russian refined petroleum products in February, leading to a substantial drop in Russia's export volumes.
However, the past two years have shown a glimmer of hope. Both Russia and Ukraine have seen their GDPs begin to trend upward. Starting in the first quarter of 2024, there has been a slow but steady recovery in imports and exports for both countries. This gradual improvement indicates resilience and the potential for economic stabilization despite the ongoing conflict.
As the global community continues to watch the developments in the region, the economic trajectories of Russia and Ukraine will remain a focal point, reflecting the broader impacts of prolonged geopolitical tensions.
Reference(s):
cgtn.com
