Ukrainian economy suffers from war

Since the beginning of the full-scale war, mainly in the east and south of the country, the occupying Russian forces have damaged or destroyed almost 450 industrial facilities. The loss of business assets has already reached more than USD 10 billion and continues to grow every day. 

Most of the enterprises that have partly or completely stopped their work are in the tourism industry, construction, real estate, engineering, as well as agriculture. At the beginning of the Russian invasion, the reduction of the Ukrainian GDP was predicted to be up to 45% per year, but now the International Monetary Fund (IMF) is talking about 33-35% per year. For 2023, the National Bank of Ukraine forecast economic growth of 4-5%, even if the fighting continues. However, the situation will also depend on the pace of restoration of the Ukrainian energy system and whether the Russian forces will continue to attack it. 

According to IMF estimates, in 2023, Ukraine needs about USD 3.5 billion a month to provide basic services to the population and to support the economy. And Russia, which started this war, has to pay for it, because of the war, 7 million Ukrainians have lost their jobs and 5 million have become refugees. 

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