Malpass told a World Bank conference on Ukraine's financial assistance needs that the early estimate of "narrow" damage costs does not include the growing economic costs of the war to Ukraine.
Ukrainian President Zelensky called for countries that have imposed sanctions and freezes on Russian assets to use that money to help rebuild Ukraine after the war and to pay for losses suffered by other countries, Reuters reported.
Ukrainian Prime Minister Denys Shmyhal, who attended the conference in person, said Ukraine's GDP could decline by 30% to 50%, with direct and indirect losses totaling $560 billion so far. That total is more than three times the size of Ukraine's economy, at $155.5 billion in 2020, according to World Bank data.
"If we do not stop this war together, the losses will increase dramatically," Shmyhal said, adding that Ukraine would need a rebuilding plan similar to the post-World War Two Marshall Plan that helped to rebuild a war ravaged Europe.
MA/PR
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