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IMF expects Ukrainian economy to grow by 3.2% in 2024, by 6.5% in 2025

by Rachel Amran April 16, 2024 8:24 PM 2 min read
A seller arranges tomatoes on the stall at the Pryvoz Market in Odesa. (NurPhoto/ Getty Images)
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The International Monetary Fund (IMF) predicts that Ukraine's gross domestic product (GDP) will grow by 3.2% in 2024 and by up to 6.5% in 2025 even as the country continues to grapple with the full-scale invasion.

Around the same time last year, the IMF initially estimated a 3% decline in Ukraine's GDP in 2023 before publishing a forecast of an improved growth of 2% by the end of the year.

The 2024 World Economic Outlook report also includes data on changes in the country's consumer prices, which are expected to increase 6.4% in 2024 and 7.6% in 2025. Ukraine's unemployment is projected to decrease slightly between 2024 and 2025.

Russia's invasion caused a major hit to Ukraine's economy, which suffered a whopping 29.1% fall in GDP in 2022. The economy stabilized faster than expected in 2023 due to several successful government programs as well as international support.

Ukraine's Finance Minister Serhii Marchenko said earlier this year that the country would need $3 billion in financial aid monthly to cope with increased economic pressures.

The country received $42.5 billion in external financing last year, but continued delays in U.S. assistance could make Ukraine's economic stability more unpredictable.

MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 49
Editor’s note: This is issue 49 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from March 25- 31, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. Th…
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