UN experts foresee moderate growth of Ukrainian economy in 2024

UN experts believe Ukraine’s economy will show moderate growth in 2024 after it climbed 5.3% last year.

That’s according to the UN Department of Economic and Social Affairs (DOSA), an Ukrinform correspondent reports.

The wider report on the state and prospects of the world economy in 2024, released on Thursday, was presented by the chief of the Department of Economic Analysis and Policy Shantanu Mukherjee and head of DESA's Global Economic Monitoring Department, Hamid Rashid.

The part of the report covering the Ukrainian economy briefly foresees “moderate growth” without dwelling into detail.

Hamid Rasheed noted that last year’s slight growth is no reason for celebration as the year before that, the economy plunged 30%.

According to the report, the projected cost of post-conflict reconstruction in Ukraine is currently estimated at $486 billion.

Ukraine receives aid to cover the budget deficit from the European Union, multilateral creditors, and other parties, the document says.

Answering Ukrinform's question why the report mentions the protracted war in Ukraine and does not indicate that it is Russia's war against Ukraine, as if it were about some kind of internal conflict, Mukherjee said that the Russian invasion had been mentioned in last year’s paper and that many other such terms were applied. He added that in the latest report, which is rather brief, the authors chose to not go into details and present a minimalist picture of what the war’s economic implications are.

As Ukrinform reported earlier, UN economists have improved the global economic forecast for 2024 compared to January estimates and consider it cautiously optimistic. According to the report, global economic growth in 2024 is now expected at 2.7%, which is 0.3% more than shown in the January forecast, and 2.8% for 2025 (up 0.1% ).