Ole Ostenko, economic adviser to the Ukrainian president, said at a conference in Berlin on Thursday that since the beginning of the invasion, Russia has directly or indirectly caused damage worth one trillion dollars (25 trillion kroner) to Ukraine. Ostenko added that the damage is five times the annual GDP of Ukraine. Russia invaded neighboring Ukraine on February 24.




Berlin

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Russia has damaged Ukraine in the tens of trillions of crowns Photo: Arnd Wiegmann | Source: Reuters

“During the first days of the aggression, the Russians destroyed assets worth 100 billion dollars (2.5 trillion crowns). Now this amount has increased significantly,” said Ostenko.

For this year, the Ukrainian authorities expect a drop in GDP of 35-40 percent, which is the largest drop since 1991. “Instead of an annual deficit of about seven billion, our deficit is worsening by about five billion a month,” said one of President Volodymyr’s advisers. Zelensky, that in 2023, there could be a shortfall of up to $40 billion (about a trillion kroner), he said.


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In addition to the obvious damage to infrastructure and defense spending, Kyiv is also losing out because it cannot count on tax collection.

Ostenko said that because of the invasion, many companies had ceased operations, and some had shortened their operations, so they would pay much less tax to state coffers than the budget projected.

In August, Ukraine asked the International Monetary Fund for a new aid program to be part of a broader international effort led by the United States and the European Union.

On September 9, the World Bank estimated the cost of the country’s reconstruction alone at 350 billion euros (8.6 trillion kroner) and said they “will continue to increase in the coming months as the war continues,” according to AFP.

CTK

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