Amid multiple signs of slowing activity, we still expect Ukraine's economy to expand by about 2.6% in 2025 and 3.5% y/y in 2026. Defence-related public procurement and higher military-sector wages continue to support the economy, but energy and labour market shortages serve as a drag. Peace talks have yielded no results and the war with Russia is escalating and looks likely to spill over into 2026. This poses downside risks to our growth forecast for next year.
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook