Analysis by Region - Emerging Markets - Ukraine

We've cut our GDP growth forecasts for Ukraine by 0.7ppts to 2.6% y/y for 2025 and by 1.5ppts to 3.5% y/y for 2026. The revisions mainly reflect the expected direct and indirect effects of US President Donald Trump's hostile trade policy. GDP growth of 2.9% y/y in 2024 also disappointed as it was lower than earlier official estimates of 3.4%-3.6%.


Ukraine: The economy is slowing and ceasefire appears unlikely
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Background
Economic development
Structure of the economy
Balance of payments
Policy and politics

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