We still expect the Ukrainian economy will grow by 3.7% y/y this year and 3.6% next, as the war with Russia is set to last through most of 2025. As conflict intensifies and attacks on energy infrastructure have destroyed about half of generation capacity, the economic recovery has slowed down and we think it will cool further into winter.
Ukraine: Amid a bleak outlook, the G7 $50bn loan is a silver lining