The Ukrainian economy could face a contraction of 30% this year due to the war in the country, latest estimates from the European Bank for Reconstruction and Development (EBRD) indicate.

"Currently, the war taking place in the territories that produce 60% of Ukrainian GDP," this data cited by Negócios newspaper points out. In addition, about 30% of companies have stopped production and electricity consumption in the country is 60% below pre-war levels, this report indicates.

According to these projections, should the conflict reach a ceasefire point over the next few months, Ukraine's economy could recover next year. In this scenario, Ukraine's economy could recover 23% in 2023.

The same data reveals that the Russian economy is expected to contract 10% this year and stagnate next year. The bank projects that the recession in Russia could be deeper if Europe even manages to reduce imports of oil and natural gas originating in Russia.