ANALYTICAL REVIEW AND STRATEGIES FOR THE DEVELOPMENT OF THE SOCIO-ECONOMIC STATE OF UKRAINE

This article summarizes the state and development of the Ukrainian economy between 2022 and 2024. The Ukrainian economy continues to adapt to wartime conditions, maintaining relative macroeconomic stability and a dynamic of recovery growth. Key challenges remain the high level of security risks, a shortage of skilled labor, and limited access to credit resources. Key factors for this year's growth: stable operation of the Ukrainian Maritime Corridor (increasing export volumes – not only of agricultural products, but also of metallurgy and the mining industry); budgetary financing of infrastructure restoration, support for high demand for construction services; the operation of business recovery and development programs, which were made possible by international financial assistance supporting the recovery of the processing industry. Throughout 2024, the situation on the foreign exchange market remained stable and controlled, thanks to support from international partners (according to the balance sheet data of the National Bank, Ukraine received about 42 billion USD in 2024). The article highlights the resilience of Ukrainian entrepreneurship as a crucial factor in economic recovery, despite the government's failure to heed the plea "Don't interfere!". It analyzes the state of the Ukrainian economy in 2024, noting a slowdown in GDP growth to 3.6% (compared to 5.5% in 2023). This deceleration is attributed to lower harvests due to unfavorable weather conditions, massive missile attacks on the energy system, and intensified hostilities. Thus, the economy continues to adapt to the difficult conditions of wartime, maintaining relative macroeconomic stability and the dynamics of recovery growth. The biggest problems that continue to negatively affect economic expectations and sentiment remain: - high level of danger due to missile and drone attacks, as well as uncertainty about the further course of hostilities; - significant shortage of qualified personnel; shortage of available credit resources. The article draws upon analytical data and forecasts from the World Bank, IMF, EBRD, EC, Ministry of Economy of Ukraine, NBU, Interfax Ukraine, National Institute for Strategic Studies (NISS), Razumkov Centre (RC), and International Liberty Institute (ILI).

Authors

Publication Details

Journal
Business Navigator
Published
2025-01-01
DOI
https://doi.org/10.32782/business-navigator.81-16
Primary Topic
Economic Issues in Ukraine
Type
article
Field-Weighted Citation Impact
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article

ANALYTICAL REVIEW AND STRATEGIES FOR THE DEVELOPMENT OF THE SOCIO-ECONOMIC STATE OF UKRAINE

Світлана Богуславська, Nataliia Вielykh
Business Navigator
Economic Issues in Ukraine
article

ANALYTICAL REVIEW AND STRATEGIES FOR THE DEVELOPMENT OF THE SOCIO-ECONOMIC STATE OF UKRAINE

Світлана Богуславська, Nataliia Вielykh
article en

Abstract

This article summarizes the state and development of the Ukrainian economy between 2022 and 2024. The Ukrainian economy continues to adapt to wartime conditions, maintaining relative macroeconomic stability and a dynamic of recovery growth. Key challenges remain the high level of security risks, a shortage of skilled labor, and limited access to credit resources. Key factors for this year's growth: stable operation of the Ukrainian Maritime Corridor (increasing export volumes – not only of agricultural products, but also of metallurgy and the mining industry); budgetary financing of infrastructure restoration, support for high demand for construction services; the operation of business recovery and development programs, which were made possible by international financial assistance supporting the recovery of the processing industry. Throughout 2024, the situation on the foreign exchange market remained stable and controlled, thanks to support from international partners (according to the balance sheet data of the National Bank, Ukraine received about 42 billion USD in 2024). The article highlights the resilience of Ukrainian entrepreneurship as a crucial factor in economic recovery, despite the government's failure to heed the plea "Don't interfere!". It analyzes the state of the Ukrainian economy in 2024, noting a slowdown in GDP growth to 3.6% (compared to 5.5% in 2023). This deceleration is attributed to lower harvests due to unfavorable weather conditions, massive missile attacks on the energy system, and intensified hostilities. Thus, the economy continues to adapt to the difficult conditions of wartime, maintaining relative macroeconomic stability and the dynamics of recovery growth. The biggest problems that continue to negatively affect economic expectations and sentiment remain: - high level of danger due to missile and drone attacks, as well as uncertainty about the further course of hostilities; - significant shortage of qualified personnel; shortage of available credit resources. The article draws upon analytical data and forecasts from the World Bank, IMF, EBRD, EC, Ministry of Economy of Ukraine, NBU, Interfax Ukraine, National Institute for Strategic Studies (NISS), Razumkov Centre (RC), and International Liberty Institute (ILI).

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Economic Issues in Ukraine
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ANALYTICAL REVIEW AND STRATEGIES FOR THE DEVELOPMENT OF THE SOCIO-ECONOMIC STATE OF UKRAINE — Світлана Богуславська, Nataliia Вielykh · Business Navigator (2025) | TGRS Research Map | TGRS