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Ukraine's economy sees growth in 2023 despite war

by Lance Luo December 29, 2023 7:34 AM 1 min read
Economy Minister Yulia Svyrydenko during a press tour on humanitarian demining, Sept. 20, 2023. (Maxym Marusenko/NurPhoto via Getty Images)
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Ukraine's economy recorded positive growth this year despite significant wartime challenges, Economy Minister Yulia Svyrydenko said on Dec. 28.

"The key figure describing this year economically is almost 5 percent GDP growth. Our economy not only did not fall but grew at a pace that no one expected."

Ukraine is trying to maintain economic stability as uncertainty around funding from Western donors has proven to be a critical long-term challenge while the country endures Russian strikes on key infrastructure.

Expenditures on military operations are counted in GDP figures and may provide a short-term spending boost.

Earlier in December, Ukraine agreed with creditors from the G7 and the Paris Club to extend debt restructuring to 2027.

President Zelensky in Kyiv on Dec. 19 told reporters he plans to reduce government expenditures because significant funding will be needed for fresh mobilization efforts.

Ukraine risks a serious economic downturn in 2024 unless its Western supporters can muster enough funds to fill a massive hole in its budget, Finance Minister Serhiy Marchenko told Politico in November.

US lawmakers will not reach deal in 2023 for more Ukraine aid
The United States Senate will not be voting on a deal this year to provide more aid to Ukraine, Reuters reported on Dec. 19.

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