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Ukraine's economy two years on from the full-scale invasion

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  • Parviainen, Sinikka

Abstract

This brief assesses the state of the Ukrainian economy two years since Russia's full-scale invasion. After a devastating 2022, Ukraine's economy in 2023 proved surprisingly resilient, thanks in part to its foreign partners. Decelerating inflation and a managed exchange rate provided macroeconomic stability, while re-secured shipping routes in the Black Sea improved Ukraine's export performance. Despite these achievements, the problems of 2022 began to re-emerge in 2024 in Ukraine's fight for survival. Besides the drying up of foreign funding and armaments supplies and the widening mismatch in labor force allocation, Ukraine requires more long-term, non-repayable assistance, greater support for returning Ukrainians, and reduced state pressure on private businesses.

Suggested Citation

  • Parviainen, Sinikka, 2024. "Ukraine's economy two years on from the full-scale invasion," BOFIT Policy Briefs 3/2024, Bank of Finland Institute for Emerging Economies (BOFIT).
    • Handle: RePEc:zbw:bofitb:290388
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