"According to the Government's estimates, the total losses of Ukraine's economy due to the war have already reached $600 billion," the cabinet said in a statement on Ukrainian Prime Minister Denys Shmyhal’s address to the GLOBSEC 2022 Forum in Bratislava.
The figure captures the country's losses from a contracting economy, blocked export routes and halted business, as well as material damage incurred to infrastructure and housing, manufacture, roads and communication lines. To repair this damage a coordinated effort is required with the participation of foreign governments, local authorities and private entities, Shmyhal noted.
"The Government has already launched a priority stage of reconstruction in the liberated territories. Right now, we are repairing roads and individual houses, demining, restoring light, gas and water, and building temporary housing for thousands of people who have lost it. That is why we are asking our partners for help," he said.
In late April, Shmyhal estimated that the first six weeks of the hostilities had caused a total loss of $500 billion to Ukraine's economy, projecting that this figure would mount to $1 billion, if the conflict drags on.
The World Bank predicted that Ukrainian economy would contract by 45% by the end of the year, with physical damage to buildings and infrastructure across the country estimated at roughly $60 billion as in April.
Ukrainian President Volodymyr Zelensky said earlier that reconstruction of Ukraine would require a major support on behalf of the Western allies in the form of a strategic international support plan "that will be a modern version of the historic Marshall Plan."