It’s been three intense years since the conflict between Russia and Ukraine erupted, leaving both nations grappling with significant losses and numerous challenges. 🌍💔
In the initial year, the economic fallout was severe. According to the International Monetary Fund (IMF), Ukraine's GDP plummeted by a staggering 28.8%, marking the largest recession in its history. Russia wasn't spared either, experiencing a 1.2% drop in GDP year on year. 📉
The situation took a tougher turn in 2023 when the European Union imposed a ban on Russian refined petroleum products. This move drastically reduced Russia’s export volumes, putting additional pressure on its economy. 🚫🛢️
However, there's a glimmer of hope on the horizon. Over the past two years, both Russia and Ukraine have seen their GDP figures start to climb again. Starting in the first quarter of 2024, there has been a slow but steady recovery in both imports and exports, signaling a potential path back to economic stability. 📈✨
While the road ahead remains uncertain, these signs of recovery offer a beacon of optimism for both nations as they navigate the aftermath of this prolonged conflict.
Reference(s):
cgtn.com
