Page 173 - MOE ENGLISH PR - APRIL 2024

The war had dragged Ukraine's economy to a 29.1 per cent contraction that
year, data from the International Monetary Fund shows.

However, its GDP rebounded and posted 5 per cent growth in 2023, with
expectations of expansion between and 4 per cent expansion in 2024, the
Washington-based fund said.

Ukraine's economy "was more resilient than expected in 2023, with robust growth
outturns, continued sharp disinflation and the maintenance of adequate
reserves", the fund said last month.

However, headwinds are re-emerging in 2024, with growth expected to soften
due to uncertainty about the continuing war and as supply constraints become
more binding.

"The outlook remains subject to exceptionally high downside risks arising from
war-related factors, potential shortfalls in external financing and the socio-
economic impact of policies that may be required if shocks materialise," it said.

Non-oil trade between the UAE and Ukraine was estimated at $385.8 million in
2023, while joint foreign direct investment was at about $360 million by the end
of 2022 across sectors such as logistics and infrastructure, travel and tourism, and
advanced technology, official data shows.

"I am confident that the Ukrainian and Emirati business communities will fully
capitalise on the opportunities presented by the Ukraine-UAE Cepa, thereby
unlocking the immense potential in our trade and economic co-operation," said
Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic

Development and Trade.

https://www.msn.com/en-ae/money/news/uae-and-ukraine-finalise-cepa-terms-in-boost-to-war-
torn-nations-recovery/ar-AA1nRnsN