KYIV, Nov 18 – Massive Russian missile strikes on the Ukrainian energy infrastructure, which began in October, accelerated downward pressure on the economy, which is now expected to contract faster, ICU investment company reported.

The economy is now seen contracting 35% on the year in 2022, compared with 32% predicted earlier, ICE said.

"After a 45-50% fall in GDP in the first months of the war, it began to recover due to improved security of the population and improved logistics. However, the destruction of the energy infrastructure due to massive missile strikes may become the new normal for the country in the coming months. Real GDP will remain at 35- 40% below the pre-war level in the coming quarters," the document says.