Ukraine’s economy, battered by war, is expected to contract by a staggering 45.1% this year according to updated World Bank estimates released on Sunday.

The updated projections take into account the enormous destruction caused by Russian forces since the beginning of the invasion on February 24. Since then, fighting has not only led to the closure of a large number of businesses across Ukraine, but has also destroyed critical infrastructure crucial to the economy.

Commenting on the grim projections, Word Bank Vice President for Europe and Central Asia Anna Bjerde said, “The magnitude of the humanitarian crisis unleashed by the war is staggering. The Russian invasion is delivering a massive blow to Ukraine’s economy and it has inflicted enormous damage to infrastructure.”

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“Ukraine needs massive financial support immediately as it struggles to keep its economy going and the government running to support Ukrainian citizens who are suffering and coping with an extreme situation,” she added, urging further financial aid from governments around the world.

Russia’s economy, meanwhile, is expected to shrink by 11.2% as a result of “unprecedented sanctions” according to the latest World Bank estimates.

However, the performance of both economies will be contingent on the duration and intensity of the war.

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The World Bank’s updated projection on the performance of the Ukrainian economy is far more grim that the one released by the European Bank for Reconstruction and Development (EBRD) at the end of March.

The EDRB had predicted that Russia and Ukraine’s economies would shrink by 10% and 20% respectively as a result of the war in a scenario where a ceasefire is agreed to within a couple of months,

The World Bank’s estimates, however, suggest that the situation is far more dire than initial assessments, and that Ukraine has been disproportionately affected by the war, in comparison to its aggressor.