The World Bank released a report on the 10th that the Russian Ukrainian conflict and Western sanctions against Russia have dealt a heavy blow to the economies of emerging markets and developing countries in Europe and Central Asia. It is expected that the Ukrainian economy will shrink by 45.1% and the Russian economy will shrink by 11.2% this year. The world bank's updated European and Central Asian economic situation report released on the same day showed that under the continuous influence of COVID-19, the conflict between Russia and Ukraine has intensified economic shocks. It is estimated that China's emerging market and developing countries' economies will shrink by 4.1% this year. Before the outbreak of the conflict, the region's economy is expected to grow by 3%. This economic contraction will be twice as large as that caused by the epidemic in 2020. The report said that the degree of contraction of Ukraine's economy depends on the duration and intensity of the conflict. Affected by unprecedented sanctions, the Russian economy has fallen into a serious recession. In addition, Belarus, Kyrgyzstan, Moldova and Tajikistan are also expected to fall into recession this year. Due to the spillover effect of the conflict, the lower than expected growth of the eurozone and the impact of commodities, trade and financing, the growth expectations of all economies in Eurasia have been reduced. The report also points out that the conflict between Russia and Ukraine has exacerbated concerns about the sharp slowdown of the world economy, inflation, debt and soaring poverty levels. The bank believes that the conflict triggered a serious humanitarian crisis, which may be one of the most lasting effects of the conflict. The world bank is developing a plan to provide support to Ukraine's neighbors to meet the capital needs caused by the influx of civilians in Ukraine. Since the conflict between Russia and Ukraine, the world bank has used US $925 million in emergency financing to provide support to Ukraine. (Xinhua News Agency)