Impact of the war in Ukraine on GDP growth worldwide 2022, by country

Slovakia's gross domestic product (GDP) growth for 2022 forecast in June 2022 was approximately 2.7 percent lower than the projection made in December 2021, before the war in Ukraine. GDP growth expectations were lowered for many other European countries, such as Germany (by 2.2 percent) and Italy (by 2.1 percent). At the same time, several countries worldwide were projected a highest GDP growth in 2022 than expected prior to the war, such as Saudi Arabia and Argentina. Saudi Arabia, an oil producing country, could substitute some of oil imports from Russia that Western countries banned in response to the war.