Experts from the Centre for Economic Strategy (CES) have prepared their monthly review of Ukraine's economy for January 2024. This covers such topics as Ukraine’s sea exports, the state of the labor market, as well as reasons for the low level of spending from the state budget.

Tuesday’s discussion among experts was scheduled under the theme: "Government vs Business: How to ease pressure on Ukrainian entrepreneurs?".

Key points:

  • Macroeconomic trends: GDP grew by 5.7% in 2023, but this is expected to slow down in 2024 with business and consumer confidence waning
  • Sectoral analysis: Ukraine’s agricultural exports are high thanks to the sea corridor, while Ukraine’s energy system is stable, as well as ferrous production – albeit far from pre-war levels
  • Monetary sector: Inflation has slowed, international reserves are high and the key rate is stable
  • Banking sector: Banks are faring rather well, with strong liquidity, while lending rates are on a downward trend with loans and deposits on the rise
  • Fiscal sector: With only $0.4 bn of foreign financing in January, Ukraine had to postpone its budget expenditure to survive the month.

CES, together with the German Economic Team (GET) has been tracking Ukraine’s economy each month since March 2022. Further details for January 2024 found here.

The discussion also touched on the problem of growing pressure on Ukrainian entrepreneurs from the state amid the arrest of Concorde Capital founder Ihor Mazepa. Experts spoke about the steps announced by Kyiv to solve this problem, including amendments to the law on the Bureau of Economic Security and the creation of the Council for the Support of Entrepreneurship.

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