World Bank Estimates Physical Damages in Ukraine at $60B So Far

Russia’s invasion has caused roughly $60 billion so far in physical damages to Ukraine’s buildings and infrastructure, World Bank President David Malpass said, warning it could rise further as the war ensues.

At a World Bank conference on Ukraine’s financial assistance needs, Malpass said that the “narrow” estimate does not include the growing economic costs of the war on Ukraine.

“Of course, the war is still ongoing, so those costs are rising,” Malpass said.

Ukrainian Prime Minister Denys Shmyhal told the conference in person that Ukraine’s GDP could decline by 30 percent to 50 percent, as direct and indirect losses have so far totaled $560 billion.

“If we do not stop this war together, the losses will increase dramatically,” Shmyhal said, adding that Ukraine will need a rebuilding plan similar to the European Recovery Program that helped rehabilitate Europe from World War Two.

Ukrainian President Volodymyr Zelensky, in a virtual address to the conference, maintained that Ukraine needs $7 billion per month to make up for the economic costs of the war.

“And we will need hundreds of billions of dollars to rebuild all this later,” the president added.

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