In 2022, the Ukrainian economy indeed experienced a decline, with the GDP dropping from $200 billion to $157 billion, representing a loss of about one-third. During this period, the contribution of the private sector to the GDP decreased from $132 billion to $52 billion, while two-thirds of the GDP is now generated by the public sector.
According to Mikhail Kukhar, the founder and chief economist of the Independent Group for Macroeconomic Analysis and Forecasting Ukraine Economic Outlook, as well as a visited professor at Georgetown University (Washington DC) and Harvard University (Boston), the Ukrainian economy, despite the setback caused by the war, will be able to recover the lost ground by 2030.
QUALITY RESULTS WITH US
In 2022, the Ukrainian economy indeed experienced a decline, with the GDP dropping from $200 billion to $157 billion, representing a loss of about one-third. During this period, the contribution of the private sector to the GDP decreased from $132 billion to $52 billion, while two-thirds of the GDP is now generated by the public sector.
According to Mikhail Kukhar, the founder and chief economist of the Independent Group for Macroeconomic Analysis and Forecasting Ukraine Economic Outlook, as well as a visited professor at Georgetown University (Washington DC) and Harvard University (Boston), the Ukrainian economy, despite the setback caused by the war, will be able to recover the lost ground by 2030 (w/o taking into consideration $600 bln. of frozen Russian assets and reparations).
RECOVERY OF UKRAINE. HISTORY
Despite facing significant challenges such as the global financial and economic crisis in 2009 and the onset of the Russian “hybrid” war, Ukraine has demonstrated resilience and made notable progress.
KUWAIT AFTER IRAQI WAR
The Iraqi invasion of Kuwait was an operation conducted by Iraq on 2 August 1990, whereby it invaded the neighboring State of Kuwait, consequently resulting in a seven-month-long Iraqi military occupation of the country.
CYPRUS AFTER MILITARY CONFLICT
The Turkish invasion of Cyprus began on 20 July 1974 and progressed in two phases over the following month. The ceasefire line from August 1974 became the United Nations Buffer Zone in Cyprus and is commonly referred to as the Green Line.
CROATIA POST WAR GROWTH
In 2000, the Croatian National Assembly issued a ‘Declaration on the Homeland War’, which states that its legacy is unequivocally accepted by all citizens of the country, leaving no room for questioning the victor’s perspective
According to data from the State Statistics Service, in the first quarter of 2023, the export of goods amounted to $10.305 billion, which is 73.9% compared to the first quarter of 2022, while imports reached $15.699 billion, representing 110.9% growth.
Economic modeling suggests a return to pre-war GDP levels by 2025. Currently, there is a redistribution of export/import categories and routes, which will continue even after the conflict is resolved.
As reported by the Ministry of Environmental Protection and Natural Resources of Ukraine, as of today, approximately 60,000 objects have been destroyed as a result of the hostilities, including 48,000 residential buildings, and there is an accumulation of 10-12 million tons of industrial waste that will need to be disposed of, including in EU countries.
According to the Ministry of Agrarian Policy of Ukraine, in the marketing year of 2023, the export of grains, legumes, and flour amounted to 47,687 thousand tons, slightly lower than the 47,887 thousand tons recorded in 2022.
Conclusion: The figures indicate that the Ukrainian economy, as well as export/import activities, are still active and operational. Ukraine remains an attractive destination for export-import operations, and with proper organization, success can be achieved.