Ukraine’s reconstruction and recovery will take several years, cost $411 billion: World Bank

One year into the war, the reconstruction and recovery needs of Ukraine, as per the latest World Bank estimates, have risen to $411 billion. Ukraine's reconstruction and recovery, as per Anna Bjerde, World Bank's vice president for Europe and Central Asia, will "take several years." As per the report released on Wednesday, these estimates "should be considered as minimums as needs will continue to rise as long as the war continues." Ukraine war which began on February 24, 2022 has caused widespread damage to the global economy. The Russian invasion has not only displaced millions of people, but has also triggered a global food and energy price surge.

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As per the latest assessment, it is expected that in 2023, Kyiv will require around $14 billion for critical and priority reconstruction and recovery investments.

It estimates that in addition to what the Ukrainian government has allocated in its 2023 budget, meeting these needs will require $11 billion in additionalfunding. AFP reports that the highest expected needs are in transport, while housing and energy are a close second.

The latest assessment has been jointly reached by the Ukrainian government, the World Bank, the European Commission and the United Nations. It is around $62 billionmore than an earlier estimate of $349 billion reported in September.

Undoing 15 years of development and progress, the war has forced 7.1 million people into poverty, states the assessment.

As per AFP, the $411 billion needed is approximately 2.6 times Ukraine's estimated gross domestic product for 2022.

"Energy infrastructure, housing, critical infrastructure, economy and humanitarian demining are our five priorities for this year," said Ukraine's Prime Minister Denys Shmygal in a statement.He further warned that "the amount of damage and recovery needs currently does not include data on the loss of infrastructure, housing and businesses in the occupied territories."

(With inputs from agencies)

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