Economy review in May 2023. A year of Ukrainian business recovery

Since March 2022, the Centre for Economic Strategy (CES), together with the German Economic Team (GET), has been preparing monthly reviews of Ukraine’s economy during a full-scale war. All notes can be found under the link.

In May, we traditionally reviewed the most important changes in the economy:

• Macroeconomic trends: GDP forecast, business expectations, damage assessment from a full-scale Russian invasion.
• Industry overview: electricity export, metallurgical, agricultural sectors.
• Fiscal policy: tax revenues, foreign aid, budget deficit.
• Monetary and exchange rate policy: inflation, exchange rate, NBU reserves.

We also added preliminary economic consequences for the energy and agricultural sectors from the explosion of the Kakhovskaya HPP to the report.

The special theme of the month is the year of Ukrainian business recovery. Participants of the discussion:

• Evgeny Zaigraiev, PrivatBank Chief Small and Medium Business Officer, Management Board member
• Borys Rybachuk, Deputy CEO of KMZ Industries;
• Olga Trofimtseva, Ambassador at Large with the Ministry of Foreign Affairs of Ukraine;
• Dmytro Tsygankov, Cognitive Director at Fozzy Group;