“Russia’s attacks on Ukrainian energy, lack of skilled workers, access to financing for business, and overall long-term self-sustainability of the economy are the challenges facing Ukraine’s economy in 2025. How to deal with all this? The Minister of Economy, Yuliya Svyridenko, tells the story. A year of challenges and growth, a year of stability and recovery – 2024 brought a lot of difficulties, but the economy of Ukraine […]”, — write: businessua.com.ua
Russia’s attacks on Ukrainian energy, lack of qualified workers, access to financing for business and the overall long-term self-sustainability of the economy are challenges, that face the economy of Ukraine in 2025. How to deal with all this? The Minister of Economy, Yuliya Svyridenko, tells the story.
A year of challenges and growth, a year of stability and recovery – 2024 brought with it a lot of difficulties, but Ukraine’s economy stood firm.
According to the results of 2024, we expect GDP growth of approximately 3.6%. Moreover, The Economist notes: Ukraine will win the economic war against Russia. Whether we will really win economically from the Russians, we will see after the end of the war. We can now identify the factors that drove the economy forward in 2024 and what we need to do in 2025 to continue the economic recovery.
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Economic 2024Beyond any ratings: the work of the Armed Forces of Ukraine, the stability of Ukrainian business and the support of partners, which in 2024 reached $41.7 billion.
40% of the external financing of the state budget in 2024 was provided by the Ukraine Facility program. This is €16.2 billion in revenue. Ukraine adopted 16 strategic documents and 15 laws within the framework of the implementation of this plan.
The “Made in Ukraine” policy, which through an ecosystem of support programs stimulates the development of production, attraction of investments in the real sector and growth of non-raw materials exports, also made its contribution. Last year, this policy provided 0.64% of the 3.6% overall GDP growth. With investments from the state of approximately UAH 35 billion, we received an additional increase in GDP of about UAH 88 billion.
Exports in monetary terms increased by 15% last year compared to 2023. First of all, thanks to the stable operation of the sea corridor.
Privatization showed almost three times more revenue than expected at the beginning of 2024. After the finalization of all agreements, the amount will be almost UAH 12 billion.
“Economic reservation” for enterprises also had a positive impact. In 2024, we launched the possibility to submit documents through the “Diya” portal, allowed to reserve employees for a year, removed restrictions on the reservation of employees in scarce military accounting specialties.
As a result, 12% of Ukrainian enterprises that had the status of critical importance provided the main financial resource for defense, generating 67% of revenues from all enterprises in the country.
The main negative factors affecting the economy of Ukraine are primarily the war itself and the uncertainty it brings with it.
Secondly, there is a shortage of personnel. This is the number one problem for businesses. Last year, attacks on the energy infrastructure also became a huge problem for business.
There are difficulties in accessing and available credit resources both for working capital and for investment purposes.
Similar obstacles for the Ukrainian economy for 2025 are summarized by The Economist: energy challenges, lack of qualified workers, access to financing for business and general long-term self-recharging of the economy, so that it is resistant to external geopolitical changes.
These challenges existed last year and will determine the vector of work in 2025.
Six tasks for 2025The focus for 2025 is to continue economic recovery and build economic self-sufficiency. We count on the support of our partners, but we have to rely more and more on ourselves.
Therefore, development of Ukrainian manufacturers, attraction of investments in the real sector, deep processing of raw materials and increase of non-raw materials exports are key priorities.
The list of tasks includes overcoming structural unemployment, modernizing the labor market and improving the business climate.
Development of Ukrainian manufacturers This priority is provided by the “Made in Ukraine” programs, which will be fully financed in 2025. At the level of state policy, we need to get rid of economic inferiority and start appreciating ourselves through practical actions. The one who produces goods with high added value in Ukraine is the focus of economic efforts.
In the current year, special attention will be paid to the development of the localization policy in public and defense procurement, the continuation and development of programs that create demand for Ukrainian goods, such as partial compensation for the cost of agricultural machinery and other Ukrainian equipment, the “School Bus” program, etc.
The “eOselya” program will work, which is an important factor in the demand for construction works and materials. The goal for this year is to issue about 10,000 mortgages and further focus the program on the primary market. Last year, we recapitalized the Ukrfinzhitlo company, which implements the program, by UAH 20 billion, and thanks to this, we hope to increase the volume of issued mortgages.
Access to financing will be facilitated by recycling grants, the 5-7-9 Affordable Loans program, and others. Credit programs for businesses to build energy capacity will also continue.
In addition, internal market protection mechanisms will work – anti-dumping and protective measures against unscrupulous imports, market surveillance, etc.
And in terms of production, one of the main roles will be played by the defense-industrial complex. We are working with the governments of partner countries so that, following the example of Denmark, they purchase weapons for Ukraine in Ukraine.
This, combined with the stability of manufacturers and the efforts of the government, gave a good result last year – according to the results of 2024, the capabilities of the defense industry increased sixfold.
Investments in the real sectorWe must maximize as much as possible in the conditions of war, as vn Space and external investments. It is easier – we need the construction of new plants of both civilian and defense. In 2025, such programs and policies as industrial parks will be operated in 2025, which will provide access to industrial infrastructure and incentives. And the Project support program with significant investments, which will allow to compensate up to 30% of capital investments for projects from € 12 million.
Ukraine will operate Ukraine Investment Framework – a € 9.3 billion tool that will help attract up to € 40 billion private investment in the coming years. The tool is already available for a business that can submit projections for funding.
We plan to launch Project Prepiation Facilities to help communities and businesses to prepare quality projects to attract investment.
We hope to launch a public-private partnership mechanism if the Parliament supports the relevant bill. We will continue the privatization and corporatization of state -owned enterprises.
We also plan to restart Ukraineinvest this year. And work will continue to expand the infrastructure of insurance from military risks.
Increase in non -irregular exportsIn 2024, Ukrainian exports of goods increased by 15.2% in monetary terms, reaching $ 41.7 billion. Our goal is to continue increasing export deliveries and increasing the share of non-digestive exports.
To do this, we work on updating the conditions of access to the EU market within the framework of the Association Agreement and the use of its legal framework for full integration into the EU domestic market in terms of roaming (Ukraine wants to join the Roam Like initiative @ home), technical regulation (ACAA Agreement) (SEPA initiative) and other measures.
We will develop trade relations with key political partners in 2025. First of all, with the countries of Pan-Europe-Med, the countries of the Middle East, North Africa and the Balkans. Here, our traditional geography of exports, the full use of European architecture of production chains and geopolitics coincides.
Our interest is to develop relations with the countries of the region, especially in the food safety plane – Syria, Lebanon, Egypt.
With Japan, we want to conclude and ratify the Liberalization Agreement. It will be a modern combination of classic investment protection tools with markets liberalization by enabling companies to work in each other’s markets.
It will be important to establish a trade dialogue with the United States, because despite new approaches to trade, we need further support at least in the form of exemption from tariffs for steel.
In terms of export financing, we plan to capitalize the Ukrainian export-credit agency and expand trade financing products. We will also continue to support exporters through the organization of national stands at the largest international exhibitions.
Human capital and reforms in the labor marketOur focus is now increasing the level of employment, returning labor to Ukraine and increasing the number of working Ukrainians through the involvement of less economically active population groups in the labor market, reducing the level of unemployed and reducing shadow employment.
Key Tasks are to approve a new Labor Code, scale mass programs for training and retraining. To promote the development of micro and small business through grant programs to involve more Ukrainians in business.
And last, but not most importantly, it is to preserve the workers’ reservation system. One book generates UAH 1.2 million in taxes per year. This is the amount that is required to provide one military. Therefore, the reservation should work and work effectively. After all, we can provide our military just from the funds that it pays in the form of taxes. Therefore, reservation is identical to finance the army.
Improving the business climateIn 2025, we increase the pace in the context of deregulation, and in simplification of doing business, and in steps to prevent pressure on business.
We hope that Parliament will support a number of draft laws that have been preparing the Ministry of Economy. It is the reform of the state control system, the so -called inspection inspections; a bill that increases penalties for inspectors for violations in business checks; The bill to reduce the role of the state in regulating economic activity and, of course, measures on deregulation, in particular simplification of regulation in the fields of construction, energy, agroindustrial complex, transport, etc.
Ukraine Facility for European Integration and attracting additional funds in the economy The implementation of the plan for Ukraine Facility, which is in the field of responsibility of the Ministry of Economy, is one of the key priorities in the work. Thanks to the joint efforts with parliamentarians and other ministries, Ukraine received € 16.2 billion from the EU last year to obtain € 12.5 billion in 2025, we have a plan for 56 steps in the field of government and parliament. This support from partners is investing in our macro -stability.
All these are key priorities in the work of the Ministry of Economy. However, economic growth is a more comprehensive issue that is primarily kept on the basis of stable business work and production development. I am convinced that Ukrainian entrepreneurs will continue to develop their business this year despite any challenges.
In the summer of 2024, the entrepreneur from Pokrovskaya told me: “I want to be an example for my children, how to stand stable where others break.” For me, this phrase became a symbol of our economy. For the world, it is also an example of how to stand stable where others would break.
For the fourth year of a full -scale war, we expect a continuation of renewable growth at a level of up to 2.7%, bringing even the greatest pessimists that when you believe in your country and love your business, it is even possible.
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