Ukraine: resilient spirit but fragile economy

The document examines Ukraine’s economic resilience amid Russia’s war against Ukraine, the progress of reforms, and the key challenges facing the economy since the start of Russia’s full-scale invasion. The authors emphasize that the reforms implemented have helped strengthen state institutions and the economy, laying the foundation for the country’s further recovery.

At the same time, the ongoing war poses significant risks to economic and financial stability. Key challenges include the economy’s dependence on developments on the battlefield, extensive damage to energy infrastructure, substantial budgetary needs, and the government’s heavy reliance on international assistance to finance its spending.

More details are available in the document below.