- One year ago, Vladimir Putin announced that Russia was launching a full-scale invasion of Ukraine – This has resulted in hundreds of thousands of casualties, tens of millions of refugees, and a 30-40% reduction in Ukraine’s GDP.
- Ukraine and the Global Food Crisis – Ukrainian crop production and food exports have been severely harmed, but the absolute worst-case scenario was avoided. The Black Sea Grain Initiative has been instrumental in allowing food exports to resume.
- Ukraine’s Battered Industry – Ukrainian industrial output has fallen more than 35%, and manufacturing output has fallen a staggering 40%. Companies still see the situation as getting worse before it gets better, and the war is the biggest impediment to Ukrainian economic growth.
- Conclusions – Ukraine will likely remain dependent on foreign aid for much of its economic needs, and many nations are already failing to meet their stated military and financial commitments. Subscribe now to receive new posts on economic data analysis.
Published February 25, 2023
Visit Apricitas Economics to read Joseph Politano’s original post Ukraine’s War Economy, 1 Year In
