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 * Europe
 * Ukraine and Russia at War
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UKRAINE TARGETS VALUE-ADDED PRODUCTION TO RESHAPE WARTIME ECONOMY

By Olena Harmash
November 12, 202410:21 AM GMT+1Updated 2 hours ago
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Item 1 of 2 A man plays the violin as people walk in a subway station during
morning rush hour in central Kyiv, Ukraine, September 20, 2024. REUTERS/Thomas
Peter/File Photo
[1/2]A man plays the violin as people walk in a subway station during morning
rush hour in central Kyiv, Ukraine, September 20, 2024. REUTERS/Thomas
Peter/File Photo Purchase Licensing Rights, opens new tab

 * Summary

 * Ukraine's government aims for more self-sufficient economy
 * Economic growth to slow to 2.7% in 2025
 * Ukrainian economy still only at 78% of its pre-war size

KYIV, Nov 11 (Reuters) - Ukraine's wartime government will boost domestic
value-added production to reshape its commodities-driven economy, increase
revenue, boost growth and return millions of Ukrainians home, the first deputy
prime minister said.
Yulia Svyrydenko, who is also the economy minister, told Reuters in an interview
that the changes were needed for the country to recover, to rebuild after
colossal damage from the war and to bring the economy closer to the European
Union.
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"Our task is to support more Ukrainian production and also support the
consumption of Ukrainian-produced goods," the 38-year-old said in an interview.
The government has already introduced a number of programmes offering grants and
loans to small and medium-sized businesses, also to help companies relocate to
safer areas and created dozens of industrial parks with specialized fiscal
measures.
"The task is to move away from the economy of raw materials and to build the
economy that produces goods with added value. We face challenges to accelerate
growth because we need to rebuild and also integrate into the European Union."
Advertisement · Scroll to continue

The government has raised its forecast for economic growth this year to 4% from
the previous target of 3.5% due to better preparedness for energy sector
challenges, Svyrydenko said.
The government's conservative scenario for 2025 envisages a 2.7% increase in GDP
as the war, security risks, expected energy deficit and staff shortages will
limit growth, she said.
The central bank is more optimistic about 2025 economic prospects and forecasts
4.3-4.6% growth in 2025 and 2026.



LOSSES MOUNT

As the war with Russia approaches its 1,000-day mark, human, social, and
economic losses mount. Svyrydenko said the government, the World Bank, and other
partners were working on a new assessment of economic losses caused by the war.
The latest available estimate showed that direct damage in Ukraine reached $152
billion as of December 2023, with housing, transport, commerce and industry,
energy and agriculture as the most affected sectors. The total cost of
reconstruction and recovery was estimated at $486 billion.

"It is 2.8 times higher than our nominal GDP in 2023," Svyrydenko said.
Despite economic growth in 2023 and so far in 2024, the Ukrainian economy was
still only at 78% of its size before the invasion in February 2022, Svyrydenko
said.
The key objective was to make the Ukrainian economy more self-sufficient.
"From every hryvnia consumed in Ukraine, 40% is returning to the budget... and
it is the issue not only of economic self-sufficiency but also our defence
capacity," she said.

Ukraine spends the bulk of its state revenue to fund its defence efforts. Kyiv
critically depends on financial aid from its allies to pay for social and
humanitarian spending. Nearly $100 billion in Western economic aid has been
received so far.
Reduced electricity generation capacity after Russia's intensified bombardments
of the Ukrainian power sector has been a key challenge this year and going
forward, Svyrydenko said.
The government oversaw a massive repair campaign, agreed on higher electricity
imports from Ukraine's Western neighbours, and supported businesses in their
steps to boost energy independence by simplifying regulations and allocating
funds.
Another difficult task was to return Ukrainians home, Svyrydenko said. Ukrainian
businesses name labour shortages as one of their top problems as millions of
Ukrainians are abroad and tens of thousands of Ukrainian men were mobilised.
The government plans to set up a specialized agency to spearhead efforts to
return Ukrainians home. For now, 4.1 million Ukrainians have been temporarily
registered in Europe, official data showed.
Svyrydenko said the government research showed that about 53% were ready to
return once the security situation improved and also jobs and housing were
available.

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your day. Sign up here.

Reporting by Olena Harmash Editing by Peter Graff

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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