'Russia’s war doesn’t just affect Ukraine’s economy. The economic consequences have been global,' writes Sergii Marchenko, Ukraine’s Finance Minister
year ago, Ukraine’s economy was on a strong footing, with a debt-to-GDP of less than 50% and a budget deficit of 3.5%. Then came Feb. 24, and with it a full-scale war. We were in a new reality, with very different financial needs.
Since the start of the full-scale invasion of Ukraine by the Russian Federation, we have been implementing measures for macro-economic stabilization and accumulation of financial resources to defend our state. While business in Ukraine was practically paralyzed in the first month of the war, we’ve ensured that today just 10% of enterprises are nonfunctioning. And our economic and financial systems are fully operational.
In 2023 the state budget deficit of Ukraine will reach $38 billion. The constant massive missile attacks across Ukraine mean the reconstruction bill and economic losses will keep growing in 2023.
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