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The German Economic Team has been advising the Ukrainian government in various economic areas since 1994, during which time Ukraine has undergone a significant transformation process.

Ukraine has implemented important reforms, especially since 2014, e.g. the comprehensive implementation of the Association Agreement with the EU, in banking policy, the macro-financial stability, procurement and e-governance.

However, Russia’s aggression since 2014 and especially since the start of the full-scale invasion in February 2022 has had a massive negative impact on the macroeconomic development. In this context, the adopted reforms strengthen the resilience of the Ukrainian economy in times of war.

Ukraine was granted EU candidate status in June 2022 and has a strongly developed IT and agricultural sector. Further rapprochement with the EU depends, among other things, on reforms in the areas of the rule of law and the judiciary system.


    • 11.09.2023

    GET participates at the Economic Forum Karpacz (PL)

    The German Economic Team participated in a panel dedicated to the reconstruction of Ukraine at the Economic Forum in Karpacz (September 5th to 7th, 2023). The Forum has been gathering politicians, economists and representatives from business, academia and media since 1992 and is one of the most important events of its kind in Central and Eastern Europe.

    • 19.06.2023

    Expert Roundtable – Perspectives on Ukraine’s reconstruction efforts

    Russia’s full-scale invasion of Ukraine has had dramatic humanitarian and economic consequences. While the focus now must be kept on the survival of the war, proposals for reconstruction also need to be developed.



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Economic Monitors

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  • Economic Monitor Ukraine

    WA 17 | May 2023

    After Ukraine’s economy declined by 29.1% in 2022, economic growth is further impeded by war-related factors in 2023. Real GDP is forecast to increase by 1.8% yoy.

    Capital controls and significant international aid are important factors to keep the exchange rate stable. Also, a significant budget deficit (28% of GDP) requires international financial support to stop reliance on monetary budget financing. As the national bank stopped this financing policy in 2023, inflation slowly declined but risks remain. Significant cuts of the key policy rate are unlikely.

    In this context, the IMF programme is not only a crucial step to close the fiscal gap but also to coordinate reform and international aid efforts for Ukraine’s economic recovery and reconstruction.

Policy Publications

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  • Garry Poluschkin, Maria Repko, Maria Tomilina, Hanna Sakhno, Vitaliy Kravchuk, Robert Kirchner

    Banking Sector Monitor Ukraine

    • Ukraine
    • Policy Briefing
    PB 04 I 2023
    • Financial Markets