Rescuers work at a residential building damaged during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 19, 2022. (Photo: REUTERS)

Malpass told a World Bank conference on Ukraine's financial assistance needs that the early estimate of "narrow" damage costs does not include the growing economic costs of the conflict to Ukraine.

Ukrainian Prime Minister Denys Shmyhal, who attended the conference in person, said Ukraine's GDP could decline by 30% to 50%, with direct and indirect losses totaling 560 billion USD so far. That total is more than three times the size of Ukraine's economyin 2020, according to World Bank data.