KYIV, July 21 – The National Bank of Ukraine (NBU) estimates the economic decline in Q2 2022 at 40%. At the same time, it expects that the economy of Ukraine will shrink by a third in 2022 but will recover at the rate of around 5%–6% per year in 2023–2024 if the Black Sea ports are unblocked.

"The economy of Ukraine will shrink by a third in 2022 but will return to growth in 2023-2024 if the Black Sea ports are unblocked," the regulator said in a press release issued on Thursday, July 21.