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At a closed-door meeting at the National Bank of Ukraine held last week, high-ranking officials were introduced to new forecasts that the war-ravaged Ukrainian economy could suffer even more, writes the "Washington Post", quoted by BTA.

All about the topic:

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For two months, Russian forces have subjected Ukraine's critical infrastructure to relentless missile and drone attacks and destroyed it.

The damage has debunked previous economic forecasts.

Before these strikes, calculations by Ukrainian officials indicated that Kyiv would need at least $55 billion in foreign aid next year to cover its basic expenses.

However, with Ukraine's energy systems severely damaged, and given that more Russian attacks are likely, some officials believe the need for funds will increase sharply.

At their meeting last week, representatives of the Ukrainian central bank discussed what scenarios could be reached if Russian attacks intensify.

According to them, there could be a mass exodus of people from Ukraine, and these people would of course take with them the funds they have.

This would lead to a collapse of the Ukrainian national currency, as those fleeing would try to exchange their hryvnias for euros or dollars, notes the Washington Post.

Donetsk has been subjected to the most massive shelling since 2014

Another danger that the representatives of the central bank perceive is the risk that the Ukrainian government will be left without international currency reserves.

If this happens, the government will no longer be able to pay for imported goods and services of critical need and will stop meeting its foreign debt obligations, a scenario known as a currency crisis.

According to a Washington Post source familiar with a report by representatives of the Ukrainian central bank, who asked to remain anonymous, according to one of the worst scenarios, Ukraine's economy could shrink by another 5 percent next year (this year it decreased by 33 percent).

The contraction of the economy could reach up to 9 percent next year, and it all depends on how severe the blows inflicted on Ukraine by Russian forces will be, Ukrainian Prime Minister Denys Shmygal said on Tuesday at an international donor conference for Ukraine in Paris.

Russian invasion of Ukraine