Go to main content


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.




  • 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.

  • Veronika Movchan

    Impact of the EU ban on agricultural imports

    • Ukraine
    NL 175 May
    • Agro-Economics
    • International Trade and Regional Integration
  • by Julian Grinschgl, Dinara Saparova, Pavel Bilek, Rouven Stubbe, Garry Poluschkin, Robert Kirchner

    The impact of electricity imports on domestic prices and industry

    • Ukraine
    • Policy Briefing
    PB 02 | 2023
    • International Trade and Regional Integration
  • Robert Kirchner, Garry Poluschkin

    The new IMF programme for Ukraine

    • Ukraine
    NL 174 | April 2023
    • Financial Markets