Ukraine’s economy shrank 16% year-on-year in the first quarter of this year and could contract 40% in 2022 as a result of Russia’s military operation, The economy ministry said in a statement on Saturday, citing preliminary estimates.

Ukraine’s economy shrank 16% year-on-year in the first quarter of this year and could contract 40% in 2022 as a result of Russia’s military operation, The economy ministry said in a statement on Saturday, citing preliminary estimates.