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LONDON — The World Bank says Ukraine’s economy will shrink by 45% this year because of Russia’s invasion, which has shut down half of the country’s businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure.
Unprecedented sanctions imposed by Western allies in response to the war, meanwhile, are plunging Russia into a deep recession, lopping off more than a tenth of its economic growth, the Washington-based lender said in a report Sunday.
The report said economic activity is impossible in “large swathes of areas” in Ukraine because productive infrastructure like roads, bridges, ports and train tracks have been destroyed.
READ MORE: U.S. announces new sanctions on Putin’s daughters, Russian banks in response to ‘war crimes’
Ukraine plays a major role as a global supplier of agricultural exports like wheat but that’s in question now because planting and harvesting have been disrupted by the war, the report said. The war has cut off access to the Black Sea, a key route for exports, including 90% of Ukraine’s grain shipments.
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