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TLDR news report on Ukraine's economy and how badly it's been threatened due to the invasion from Russia

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0:00 / 10:10•Watch full video

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How Bad is Ukraine's Economic Collapse - TLDR News

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NYT report on Ukraine's economic crisis and the negative impact it will have on incomes and poverty in the upcoming years

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Russia's war has caused colossal losses in employment and income for Ukrainians, destroying nearly a third of all jobs in the country and threatening the loss of millions more if the conflict continues, the United Nations' labor organization said on Wednesday.

Economic upheaval, coupled with a huge outflow of refugees and large-scale internal displacement, has wiped out 4.8 million jobs in Ukraine since Russia's aggression began, the agency, the International Labor Organization, said in its first report on the economic consequences of the invasion. Should the military escalation continue, over 43 percent of jobs - about seven million - could be lost, it added.

The report underscored the grim economic toll of Russia's aggression and the challenges that lie ahead for Ukraine, neighboring countries and the global economy in the event that the war widens into a protracted crisis.

Economic activity in Ukraine has essentially ground to a halt across much of the country, forcing the closure of an estimated 50 percent of Ukraine's businesses - a situation made worse by the destruction of buildings, roads, hospitals and other essential physical assets. An estimated $60 billion to $100 billion worth of critical infrastructure was damaged or destroyed in the first month of the conflict alone.

Should the invasion fail to wind down quickly, up to 90 percent of the Ukrainian population could face poverty or vulnerability to poverty, the organization warned. The European Bank for Reconstruction and Development forecast on Tuesday that Ukraine's economy will shrink 30 percent this year.

Ukraine's neighbors are not being spared, either. Of the more than 5.2 million refugees who have fled the hostilities, many have landed in Hungary, Poland, Moldova, Romania and Slovakia. While those countries are working to integrate the newcomers, the prospect of a drawn-out conflict means that refugees could remain in exile longer than expected, putting pressure on labor markets and possibly raising unemployment in the countries hosting them, the I.L.O. said.

Russia's own economic crisis in the wake of punishing international sanctions is also rippling beyond its borders. The economies of countries such as Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan rely on remittances from hundreds of thousands of migrant workers in Russia. Should they lose work and be forced to return to their countries of origin, "there will be severe economic losses in Central Asia as a whole," the I.L.O. said.

A protracted conflict would also continue to shock the global economy through higher commodity prices, especially food and fuel.

"Higher rates of inflation will have a negative impact on incomes and poverty, especially among the poor who rely on wages as their main income source," the organization concluded.

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Nearly a third of Ukraine's jobs have been lost amid the war, U.N. labor agency says.

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Russia's war has caused colossal losses in employment and income for Ukrainians, destroying nearly a third of all jobs in the country and threatening the loss of millions more if the conflict continues, the United Nations' labor organization said on Wednesday.

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CNN report on how the Russian attack on Ukraine has been affecting their economy and includes interview with Ukraine's finance minister

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ukraine economy could nearly halve this year

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War could destroy nearly half of Ukraine's economy this year

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Ukraine could lose almost half of its economy this year as a result of Russia's invasion, according to the World Bank.

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leaders of the Group of Seven (G7) discuss Ukraine's current state of economy and donates around 1 billion dollars in aid

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1. Today, on 8 May, we, the Leaders of the Group of Seven (G7), alongside Ukraine and the wider global community, commemorate the end of the Second World War in Europe and the liberation from fascism and the National Socialist reign of terror, which caused immeasurable destruction, unspeakable horrors and human suffering. We mourn the millions of victims and offer our respect, especially to all those who paid the ultimate price to defeat the National Socialist regime, including the western Allies and the Soviet Union.

2. Seventy-seven years later, President Putin and his regime now chose to invade Ukraine in an unprovoked war of aggression against a sovereign country. His actions bring shame on Russia and the historic sacrifices of its people. Through its invasion of and actions in Ukraine since 2014, Russia has violated the international rules-based order, particularly the UN Charter, conceived after the Second World War to spare successive generations from the scourge of war.

3. Today, we were honoured to be joined by Ukraine’s President Volodymyr Zelenskyy. We assured him of our full solidarity and support for Ukraine’s courageous defence of its sovereignty and territorial integrity, and its fight for a peaceful, prosperous and democratic future within its internationally recognised borders, with the liberties and freedoms that so many of us enjoy today.

4. President Zelenskyy underlined the strong resolve of Ukraine to protect its sovereignty and territorial integrity. He stated that Ukraine’s ultimate aim is to ensure full withdrawal of Russia’s military forces and equipment from the entire territory of Ukraine and to secure its ability to protect itself in the future and thanked G7 members for their support. In this regard, Ukraine emphasised that it relies on its international partners, in particular on G7 members, in providing necessary assistance in the domain of defense capabilities, as well as with a view to ensuring a swift and effective recovery of Ukraine’s economy and to securing its economic and energy security. Ukraine has entered into discussions with international partners on security mechanisms for a viable post-war peace settlement. Ukraine remains committed to working closely with G7 members to support Ukraine’s macroeconomic stability in the face of the challenges posed by the full-scaled Russian invasion, massive destruction of critical infrastructure and disruption of traditional shipping routes for Ukrainian exports. President Zelenskyy noted his country’s commitment to uphold our common democratic values and principles, including respect for human rights and the rule of law.

5. Today, we, the G7, reassured President Zelenskyy of our continued readiness to undertake further commitments to help Ukraine secure its free and democratic future, such that Ukraine can defend itself now and deter future acts of aggression. To this end, we will pursue our ongoing military and defence assistance to the Ukrainian Armed Forces, continue supporting Ukraine in defending its networks against cyber incidents, and expand our cooperation, including on information security. We will continue to support Ukraine in increasing its economic and energy security.

6. Together with the international community, we, the G7, have provided and pledged additional support since the start of the war exceeding USD 24 billion for 2022 and beyond, in both financial and material means. In the coming weeks, we will step up our collective short-term financial support to help Ukraine close financing gaps and deliver basic services to its people, while also developing options – working with the Ukrainian authorities and international financial institutions – to support long-term recovery and reconstruction. In this regard, we welcome the establishment of the International Monetary Fund’s Multi-Donor Administered Account for Ukraine and the European Union announcement to develop a Ukraine Solidarity Trust Fund. We support the World Bank Group’s support package to Ukraine and the European Bank for Reconstruction and Development’s Resilience Package.

7. We call on all partners to join our support for the Ukrainian people and for refugees, and to help Ukraine to rebuild its future.

8. We reiterate our condemnation of Russia’s unprovoked, unjustifiable and illegal military aggression against Ukraine and the indiscriminate attacks against civilians and civilian infrastructure, which has resulted in terrible humanitarian catastrophe in the heart of Europe. We are appalled by the large-scale loss of human life, assault on human rights, and destruction that Russia’s actions have inflicted on Ukraine.

9. Under no circumstances can civilians and those not taking an active part in the hostilities be legitimate targets. We will spare no effort to hold President Putin and the architects and accomplices of this aggression, including the Lukashenko regime in Belarus, accountable for their actions in accordance with international law. To this end, we will continue to work together, along with our allies and partners around the world. We reaffirm our support for all efforts to ensure full accountability. We welcome and support the ongoing work to investigate and gather evidence on this, including by the Prosecutor of the International Criminal Court, the independent investigation commission mandated by the United Nations Human Rights Council and the Organization for Security and Co-operation in Europe’s mission of experts.

10. We further condemn Russia’s attempts to replace democratically elected Ukrainian local authorities with illegitimate ones. We will not recognise these acts in violation of Ukraine’s sovereignty and territorial integrity.

11. We will continue to counter the Russian strategy of disinformation, which deliberately manipulates the global – including the Russian – public in the hope of shrouding the Russian regime’s culpability for this war.

12. Our unprecedented package of coordinated sanctions has already significantly hindered Russia’s war of aggression by limiting access to financial channels and ability to pursue their objectives. These restrictive measures are already having a significant impact on all Russian economic sectors – financial, trade, defence, technology, and energy – and will intensify pressure on Russia over time. We will continue to impose severe and immediate economic costs on President Putin’s regime for this unjustifiable war. We collectively commit to taking the following measures, consistent with our respective legal authorities and processes:
a. First, we commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies. As we do so, we will work together and with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers, including by accelerating reduction of our overall reliance on fossil fuels and our transition to clean energy in accordance with our climate objectives.

b. Second, we will take measures to prohibit or otherwise prevent the provision of key services on which Russia depends. This will reinforce Russia’s isolation across all sectors of its economy.

c. Third, we will continue to take action against Russian banks connected to the global economy and systemically critical to the Russian financial system. We have already severely impaired Russia’s ability to finance its war of aggression by targeting its Central Bank and its largest financial institutions.

d. Fourth, we will continue our efforts to fight off the Russian regime’s attempts to spread its propaganda. Respectable private companies should not provide revenue to the Russian regime or to its affiliates feeding the Russian war machine.

e. Fifth, we will continue and elevate our campaign against the financial elites and family members, who support President Putin in his war effort and squander the resources of the Russian people. Consistent with our national authorities, we will impose sanctions on additional individuals.

13. We continue to work with our international partners and invite them to stand with us and to follow suit with similar actions, including to prevent sanctions evasion, circumvention and backfilling.

14. President Putin’s war is causing global economic disruptions, impacting the security of global energy supply, fertiliser and food provision, and the functioning of global supply chains in general. The most vulnerable countries are affected most severely. Together with partners globally, we are stepping up our efforts to counter these adverse and harmful impacts of this war.

15. President Putin’s war against Ukraine is placing global food security under severe strain. Together with the United Nations, we call on Russia to end its blockade and all other activities that further impede Ukrainian food production and exports, in line with its international commitments. Failure to do so will be seen as an attack on feeding the world. We will step up efforts to help Ukraine to keep producing in view of the next harvest season and exporting, including by alternative routes.

16. In support of the United Nations Global Crises Response Group, we will address the causes and consequences of the global food crisis through a Global Alliance for Food Security, as our joint initiative to ensure momentum and coordination, and other efforts. We will closely cooperate with international partners and organisations beyond the G7, and, with the aim of transforming political commitments into concrete actions as planned by various international initiatives such as the Food and Agriculture Resilience Mission (FARM) and key regional outreach initiatives, including towards African and Mediterranean countries. We reiterate that our sanctions packages are carefully targeted so as not to impede the delivery of humanitarian assistance or the trade of agricultural products and reaffirm our commitment to avoid food export restrictions which impact the most vulnerable.

17. The G7 and Ukraine stand united in this difficult time and in their quest to ensure Ukraine’s democratic, prosperous future. We remain united in our resolve that President Putin must not win his war against Ukraine. We owe it to the memory of all those who fought for freedom in the Second World War, to continue fighting for it today, for the people of Ukraine, Europe and the global community.

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Today, on 8 May, we, the Leaders of the Group of Seven (G7), alongside Ukraine and the wider global community, commemorate the end of the Second World War

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Nearly 5 million jobs have been lost in Ukraine since the start of the Russian aggression

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Nearly 5 million jobs have been lost in Ukraine since the start of the Russian aggression

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ILO discusses regional and global crisis of jobs lost in Ukraine and what they've been doing to take action

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Ukraine crisis: Nearly 5 million jobs have been lost in Ukraine since the start of the Russian aggression, says ILO

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5. Nearly 5 million jobs have been lost in Ukraine since ...

Ukraine crisis

Nearly 5 million jobs have been lost in Ukraine since the start of the Russian aggression, says ILO

Amid the humanitarian crisis sparked by Russia’s aggression against Ukraine, labour markets are being disrupted both in the country and in neighbouring states.

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© Fadel Senna / AFP

GENEVA (ILO News) – An estimated 4.8 million jobs have been lost in Ukraine since the start of the Russian aggression, according to a new brief by the International Labour Organization (ILO).
The study estimates that if hostilities were to escalate employment losses would increase to seven million. However, if the fighting was to cease immediately a rapid recovery would be possible, with the return of 3.4 million jobs. This would reduce employment losses to 8.9 per cent, according to the brief, The impact of the Ukraine crisis on the world of work: Initial assessments .

The Ukrainian economy has been severely affected by the Russian aggression. Since it began, on 24 February, more than 5.23 million refugees have fled to neighbouring countries. The refugees comprise mainly women, children, and persons over the age of 60. Of the total refugee population, approximately 2.75 million are of working age. Of these, 43.5 per cent, or 1.2 million, were previously working and have lost or left their jobs.

In response to this disruption the Government of Ukraine has made considerable efforts to keep the national social protection system operational by guaranteeing the payment of benefits, including to internally displaced persons, through the utilization of digital technologies.

Regional and global crisis
The crisis in Ukraine may also create labour disruption in neighbouring countries, mainly Hungary, Moldova, Poland, Romania and Slovakia. If the hostilities continue, Ukrainian refugees would be forced to remain in exile longer, putting further pressure on the labour market and social protection systems in these neighbouring states and increasing unemployment in many of them.
The significant economic and employment disruption affecting the Russian Federation are having significant ripple effects on Central Asia, especially countries whose economies depend on remittances from the Russian Federation, such as Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

These four states are among the top ten countries of origin for migrants in the Russian Federation, and many of these migrants send a significant share of remittances back to their home countries. If the hostilities and the sanctions against the Russian Federation lead to job losses for migrant workers in the Russian Federation and these migrant workers return to their countries of origin, there will be severe economic losses in Central Asia as a whole.

The aggression in Ukraine has also created a shock for the global economy, further complicating the recovery from the COVID-19 crisis. This is likely to affect growth in employment and real wages and put additional pressure on social protection systems.

In many high-income countries, which have recently witnessed signs of a stronger labour market recovery, the fallout from the Ukraine crisis may worsen labour market conditions and reverse some of the gains made. The situation is particularly hard in low- and middle-income countries, many of which have been unable to fully recover from the impact of the COVID-19 crisis.

Immediate actions
In March, the ILO’s Governing Body passed a resolution calling on the Russian Federation  to “immediately and unconditionally cease its aggression” against Ukraine. It expressed its grave concern at reports of civilian casualties and attacks on civilian facilities and the severe impact on workers and employers who were risking their lives to continue working.
To mitigate the impact of the crisis on the Ukrainian labour market the ILO recommends several immediate measures, including to:

Facilitate the initiatives of employers’ and workers’ organizations so they can play an important role in providing humanitarian support and ensuring the continuation of work, where possible. The individual and collective efforts of the social partners can contribute positively to cohesion and foster inclusive economic, social and political development.

Provide targeted employment support in the comparatively safe areas of Ukraine, including by building on the continuing government-sponsored programme to relocate workers and enterprises. ILO-supported Local Employment Partnerships (LEPs) can help create job opportunities.

Support the social protection system in Ukraine to ensure that it continues to pay benefits, including newly-established cash transfers, to (past and new) beneficiaries.

Prepare for a post-conflict reconstruction strategy that encourages the creation of decent and productive jobs through employment-intensive investment.

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Nearly 5 million jobs have been lost in Ukraine since the start of the Russian aggression, says ILO

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Amid the humanitarian crisis sparked by Russia’s aggression against Ukraine, labour markets are being disrupted both in the country and in neighbouring states.

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Russia's Attack on Ukraine (Paul J.J. Welfens)

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Russia's Attack on Ukraine (Paul J.J. Welfens)

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peer reviewed article with trend analysis of Ukraine's past economy vs how it is today due to Russia's invasion (2022)

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The Economic Costs of the Russia-Ukraine Conflict (Iana Liadze, Corrado Macchiarelli, Paul Mortimer-Lee, and Patricia Sanchez Juanino)

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The Economic Costs of the Russia-Ukraine Conflict (Iana Liadze, Corrado Macchiarelli, Paul Mortimer-Lee, and Patricia Sanchez Juanino)

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peer reviewed article analyzing the statistics of the economy, such as inflation costs for the future, in Ukraine and globally (2022)

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A Review of	the Economic Impact of Russian-Ukraine Crisis (Ruth Endam Mbah and Divine Forcha Wasum)

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A Review of	the Economic Impact of Russian-Ukraine Crisis (Ruth Endam Mbah and Divine Forcha Wasum)

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peer reviewed article examining how the Russian-Ukraine war has not only impacted Ukraine's economy greatly, but the rest of the world (2022)

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Russian-Ukraine 2022 War- A Review of the Economic Impact of  Russian-Ukraine Crisis on the USA, UK, Canada, and Europe