Page 38 - UKRRptFeb24

industry became one of the main drivers of the Ukrainian economy in 2023.
The World Bank has worsened its growth forecast for Ukraine and for the world’s economies. The World Bank, in its updated review of the global economy, improved its estimate of Ukraine's GDP growth in 2023 to 4.8% and predicted a slowdown in recovery to 3.2% in 2024. In 2025, growth, according to the forecast, will be 6.5%. "Active hostilities are expected to continue through 2024, while base effects and one-off factors, including crop yields, should ease. A partial resolution of uncertainty in 2025 will support a recovery in exports and a gradual increase in reconstruction investment," the publication said. The WB also noted that despite last year's growth, the real GDP that was achieved is about 30% lower than before the full-scale invasion. As for the Europe and Central Asia region, the bank predicts that growth will remain below the level observed before the pandemic: 2.4% this year compared to 7.1% in 2021. The overall growth of the world economy in 2024 is expected to be at 2.4%, and in 2025, at 2.7%, the weakest start of a half-decade in 30 years.
4.0 Real Economy 4.1 Industrial production
Ukraine Industrial production rose 11.7% y/y in September, following an increase of 15.5% y/y in the previous month. Ukraine Industrial production index growth rate y/y data is updated monthly, available from Dec 2000 to Sep 2023, with an average rate of 3.0%.
38 UKRAINE Country Report February 2024 www.intellinews.com