Ukraine PESTLE Insights – A Macroeconomic Outlook Report
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Ukraine PESTLE Insights Report Overview
Ukraine was ranked 109th of 153 nations in the GCRI Q3 2023. The country’s GDP was $175.6 billion in 2023. According to the Ukrainian government, Ukraine received significant financial aid from January to November 2023. Ukraine’s real GDP recorded a prominent annual increase in Q3 2023, marking the highest growth since Q3 2007. This follows six consecutive periods of contraction, primarily attributed to the base effect resulting from Russia’s invasion. Despite the challenging circumstances, the data suggests a modest economic recovery as businesses in less affected areas adapted, and certain foreign companies re-entered the market.
Key Sector’s Contribution to the Ukraine Economy (2019-2026)
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GDP in 2023 | $175.6 Billion |
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Ukraine Macroeconomic Outlook - PESTLE Insights
Political Landscape
In December 2023, in collaboration with the EU and the Government of Sweden, the UNDP in Ukraine established 10 Recovery and Development Offices in conflict-affected communities. This initiative supports the nationwide effort led by the Congress of Local and Regional Authorities under the President of Ukraine, coordinating international cooperation at the local level.
Economic Landscape
The Ukrainian economy will grow significantly in 2024 owing to improvements in supply chain bottlenecks and increased investments across the sectors. The global demand for key export products is expected to stay robust in 2025. Ukraine exports a higher share of primary goods, such as cereals, animal and vegetable fats and oils as well as iron and steel due to its fertile land and a less developed industrial sector.
Social Landscape
In December 2023, the Ukrainian government warned that they might need to delay salary payments for public servants and pensions for millions of citizens unless the EU and US fulfill their commitments for financial aid early in 2024. Despite assurances, the anticipated funding from key allies has not materialized, prompting urgent efforts to secure a significant amount of external support for the coming year to cover public services and benefits.
Technological Landscape
In November 2023, Ukraine’s Ministry of Digital Transformation and the UK’s Department of Business and Trade inked an MoU, paving the way for a “tech bridge” to foster joint ventures between the two nations. This initiative aims to facilitate collaborative project implementation.
Legal Landscape
On December 13, 2022, Ukraine’s Verkhovna Rada passed a law concerning National Minorities (Communities), meeting a prerequisite for EU accession negotiations. Aligned with EU directives, the law substitutes “national minority” with “national community”. It seeks to bolster Ukraine’s ethnopolitical legal framework, acknowledging the implications of independence, and adherence to European standards, and addressing challenges posed by Russia’s armed aggression.
Environmental Landscape
In May 2023, Ukraine and Germany jointly introduced the Renewables for a Resilient Ukraine – R2U project, aiming to benefit Ukrainian communities through a focus on green renewable energy and energy recovery. The initiative involves selecting up to 20 communities to undergo energy audits for critical infrastructure buildings. These buildings will then be equipped with renewable energy sources.
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Scope
In October 2023, the government announced to invest UAE912.2 million ($24.7 million) on Ukraine’s rail infrastructure and UAH916 million ($24.8 million) on road transport.
Key Highlights
According to the UNCTAD, Ukraine recorded foreign direct investment of $7.3 billion in 2021, which decreased to $848 million in 2022.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors regarding the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Ukraine’s GDP in 2023?
Ukraine’s GDP was $175.6 billion in 2023.
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What was Ukraine’s rank in the GCRI Q3 2023?
Ukraine was ranked 109th of 153 nations in the GCRI Q3 2023.
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Which factors will lead to the economic growth of Ukraine in 2024?
The Ukrainian economy will grow significantly in 2024 owing to improvements in supply chain bottlenecks and increased investments across the sectors.
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