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Ukraine's economy is likely to grow by about 4.6% in 2024, although Russian attacks could worsen this figure, Economy Minister Yuliya Svyrydenko said during the Kyiv Investment Day Forum, Ukrainian state media outlet Ukrinform reported on May 2.
Svyrydenko stated that after a large-scale decline in the economy —
by almost 30% in 2022 — growth began last year, which amounted to at
least 5.3%.
"We expect that this year the economy will continue to recover - at least by 4.5-4.6%," she said.
"Of course, the indicators can be worse due to missile attacks, primarily on the Ukrainian energy infrastructure, but our basic forecast is still at the level of 4.6%. It is critically important for us. As, of course, the expansion of Ukraine's energy capabilities, the development of new energy capacities. We need to build and develop decentralized, highly maneuverable [power] generation."
Head of communications for the International Monetary Fund (IMF), Julie Kozack, stated that Ukraine will need financing in the amount of approximately $42 billion in 2024. At least $32 billion of this amount should be official donor support.
According to the IMF forecast, Ukraine's GDP is expected to grow by 3.2% in 2024. During the third review of the IMF's extended financing program for Ukraine, this rate was estimated to be in the range of 3-4% in March.
Meanwhile, the economic growth forecast for 2025 has been kept at 6.5%, which is higher than the 2023 figure at 5.3%, according to the State Statistics Service. The IMF also expects average annual inflation to slow to 6.4% this year from 12.9% last year and slightly accelerate to 7.6% in 2025.
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