Foreign News
Russian Invasion will Shrink Ukraine’s Economy by 45% in 2022 – W/Bank
By Joseph Amah, Abuja
The World Bank says Ukraine’s economy will shrink by 45.1 per cent this year as a result of the Russian invasion. It has been more than a month since the war broke out in Ukraine, leaving scores dead and many homeless.
The bank also forecasted that emerging markets and developing countries in the Europe and Central Asia region would contract by 4.
1 per cent this year, compared with the pre-war forecast of 3 per cent growth, as the economic shocks from the war compound the ongoing impacts of the COVID-19 pandemic.The Bretton Woods institution issued the fresh projection in its latest economic update for the region, released on Sunday.
According to the bank, Russia’s economy would also be hit hard due to the sanctions imposed on the country. “Ukraine’s economy is expected to shrink by an estimated 45.1 per cent this year, although the magnitude of the contraction will depend on the duration and intensity of the war,” the report reads. “Hit by unprecedented sanctions, Russia’s economy has already plunged into a deep recession with output projected to contract by 11.2 per cent in 2022.”In addition to Russia and Ukraine, Belarus, Kyrgyz Republic, Moldova and Tajikistan are projected to fall into recession this year, while growth projections have been downgraded in all economies due to spillovers from the war, weaker-than-expected growth in the euro area, and commodity, trade and financing shocks.
This, the bank said, is because Russia and Ukraine account for about 40 per cent of wheat imports in the region and about 75 per cent or more in Central Asia and the South Caucasus. Russia is also a major export destination for many countries, while remittances from Russia are close to 30 per cent of gross domestic product (GDP) in some Central Asian economies (Kyrgyz Republic, Tajikistan).
In her remarks, Anna Bjerde, World Bank vice-president for the Europe and Central Asia region, said, “The magnitude of the humanitarian crisis unleashed by the war is staggering. The Russian invasion is delivering a massive blow to Ukraine’s economy, and it has inflicted enormous damage to infrastructure.”
“Ukraine needs massive financial support immediately as it struggles to keep its economy going and the government running to support Ukrainian citizens who are suffering and coping with an extreme situation.”Asli Demirgüç-Kunt, World Bank chief economist for Europe and Central Asia, said the Ukraine war and the pandemic have shown that crises can cause widespread economic damage and set back years of per capita income and development gains.
He urged governments in the region to fortify their macroeconomic buffers and the credibility of their policies to contain risks and deal with potential fragmentation of trade and investment channels.
Foreign News
WHO Accuses Israel of Denying Medical Specialists’ Entry to Gaza
The World Health Organisation (WHO) has accused Israel of barring medical specialists from entering Gaza to support clinics in the besieged enclave.
The WHO said since August, eight organisations and over 50 specialised personnel had been affected by Israel’s blockade.
The specialists were intended to provide crucial support for various medical services, as well as psychological support for healthcare workers at facilities including the European Gaza Hospital and the Nasser Hospital, the WHO said.
It was reported that among the organisations denied entry was the U.S.non-profit Palestinian American Medical Association, which supports Palestinians in need of medical care.
According to the WHO, this marks the first instance in which Israel has denied entire organisations the ability to participate in relief efforts for the Gaza Strip.
The WHO reported that in the past week, support teams conducted 25 per cent fewer operations than usual.
With only 17 out of 36 clinics and 43 medical practices remaining partially operational, the WHO emphasised the irreplaceable role of these external teams in providing essential medical services.
The WHO called for full access for emergency aid teams. (dpa/NAN)
Foreign News
Germany must Ensure Ukraine War Does not Spread to NATO – Scholz
It is Germany’s responsibility to make sure that a war between Russia and Ukraine does not become a war between Russia and NATO, German Chancellor Olaf Scholz.
He said this as he repeated his “nein” to sending long-range weapons to Kiev.
“I don’t consider this to be a proper delivery and that’s how it will stay,” Scholz said after a European Union summit in Brussels.
Scholz rejected key points in Ukrainian President Volodymyr Zelensky’s “victory plan” out of concerns of future escalation.
Zelensky presented his “victory plan” at the meeting and called on Scholz, again to send him Taurus cruise missiles.
The Ukrainian leader believes a deterrent missile arsenal could force Russia into peace negotiations.
Scholz also maintained his stance against a quick invitation for Ukraine to join NATO, as outlined in Zelensky’s plan.
The United States also opposes a fast-track NATO entry for Ukraine.
The chancellor referred to the resolutions of the most recent NATO summit in Washington, which offers Ukraine a general assurance that it could no longer be stopped on its way into the defence alliance.
He further said all allies must agree that NATO conditions are met for an invitation.
These include reforms in the areas of democracy, the economy and the security sector.
Scholz also used the occasion to take a swipe at his main opposition in the Bundestag or German parliament, Christian Democratic (CDU) leader Friedrich Merz.
He complained that Merz flip-flopped on Taurus deliveries, taking a no-delivery position before key elections in east Germany and changing his position after that. (dpa/NAN)
Foreign News
Israeli Chief of Staff Calls Oct. 7 Day of Failure
Israel’s Army Chief of General Staff Herzi Halevi has referred to October 7, 2023, as the day “when we failed in our mission to protect the citizens of the State of Israel.”
In a letter to Israeli soldiers marking the anniversary of the brutal attack on Israel, he wrote that “Oct.
7 is not only a day of remembrance, but also a call for deep introspection” and “a recognition of our failures and a commitment to learning from them. ”On October 7, 2023, terrorists from Hamas and other extremist groups killed more than 1,200 people in Israel and abducted about 250 more as hostages to the Gaza Strip.
This triggered the Gaza war, in which, according to the Hamas-controlled health authority, some 42,000 Palestinians have been killed so far, mostly civilians.
Halevi said that Hamas’ military wing had been defeated, but that the fight against the organisation’s terrorist structures would continue.
With regard to the fighting against Hezbollah in Lebanon, he said that the militia had been dealt a serious blow.
“We will not stop,” Halevi emphasised.
“We are destroying our enemies’ capabilities, and we will ensure that these capabilities are not rebuilt, so that Oct. 7 is never repeated,” he added. (dpa/NAN)