Last year, the Ukrainian economy showed a certain resilience to the consequences of the current war, “especially in terms of electricity supply.”
In 2023, Ukraine’s economy showed a slight recovery, growing by 4.6% after an initial contraction of 29.1%. This is stated in the Report on the World Economic Situation and Prospects 2024, prepared by the UN Department of Economic and Social Affairs, Ukrinform reports.
The report states that last year, Ukraine’s economy “showed some resilience to the consequences of the current war, especially in terms of electricity supply.”
The report said private consumption increased in Ukraine and capital spending on reconstruction increased. Agricultural production is lower than in the pre-war period, and shipping grain from Black Sea ports remains a problem after the withdrawal of the Russian Federation from the Black Sea Grain Initiative. Alternative export routes face logistical difficulties due to the damage caused by Russia’s shelling of ports on the Danube.
Temporary restrictions imposed by the European Union in the summer on grain imports from Ukraine to five countries in the region, followed by individual restrictions imposed by Hungary, Poland and Slovakia, also affected transport of rail and road, the report said.
It was previously reported that in November GDP growth in Ukraine slowed down significantly – to 4.0% compared to 10.5% in October.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.