Page 25 - Ukraine OUTLOOK 2025

year-end.
Deposit rates, as measured by the Ukrainian Index of Retail Deposit Rates (UIRD), are expected to remain relatively stable, ranging between 12.5% and 13% throughout 2025.
Strategic signalling amid economic uncertainty: The NBU’s recent decision highlights its dual focus on anchoring inflation expectations and maintaining financial stability amid uncertain economic conditions.
5.0 Budget & Debt
• 5.1 Federal budget
Ukraine will spend ten times more on its defence than Nato countries in 2025. The EU is not ready for war with Russia. In 2025 Ukraine will spend about 25% of its GDP on defence, which is 900% more than European Nato allies' average, Nato Secretary General Mark Rutte said during a keynote speech in Brussels.
"This is a harsh reminder that freedom does not come for free. If we do not spend together now to prevent war, we will pay a much higher price later for participating in hostilities. Not billions, but trillions of euros. And this is if we prevail, if we win..." the head of the Alliance said.
According to Rutte, security needs now require the allies to spend much more than 2% of their respective GDPs on defence. Rutte also added: "Russia is
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