It's been three years since the conflict between Russia and Ukraine broke out. Both nations have endured significant losses and formidable challenges throughout this period.
In the initial year of the conflict, both Russia and Ukraine experienced substantial economic downturns. According to the International Monetary Fund (IMF), Ukraine's GDP plummeted by 28.8 percent, marking the largest recession in the country's history. Russia, on the other hand, saw its GDP decrease by 1.2 percent year on year.
The economic strain was exacerbated in 2023 when the European Union implemented a ban on Russian refined petroleum products in February. This policy led to a significant drop in Russia's export volume, further impacting its economy.
Despite these challenges, both countries have shown signs of economic recovery over the past two years. Starting in the first quarter of 2024, Russia and Ukraine began to see a slow but steady restoration in their imports and exports. This upward trend in GDP reflects a gradual easing of the economic pressures that have weighed heavily on both nations since the conflict began.
Reference(s):
cgtn.com
