The ongoing war in Ukraine will have severe impacts on the economy of that country and beyond. The International Monetary Fund (IMF) predicts that the Ukrainian economy will fall by as much as 35% this year.  

Ukraine is expected to experience a "deep recession" and "high reconstruction costs" are expected in a context of humanitarian crisis, notes the IMF quoted by the Guardian daily.

The IMF also speaks of the "devastating" impact the war could have on the global economy, with several countries already feeling the effects of rising energy prices.

The scenario is still associated with enormous uncertainty, warns the IMF, which believes that the downside risks are "extremely high."

Note that last week the IMF approved $1.4 billion in emergency aid for Ukraine, which is facing "a very serious humanitarian and economic crisis" due to the Russian invasion.

The sum approved by the IMF Executive Board will serve to "meet urgent financing needs and mitigate the economic impact of the war," the fund said in a statement.