The largest single factor in the reduced growth forecast was a projected economic contraction of 4.1% across Europe and Central Asia.
This Ukraine crisis financing package is even larger than the one the World Bank organized for Covid-19 relief, which topped out at $160 billion.
Earlier this month, the World Bank projected that Ukraine's annual GDP would fall by 45.1%, an astonishing figure for a country of more than 40 million people.Russia's economy is also taking a major hit, largely due to the impact of NATO and Western backed sanctions and trade embargoes.
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