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Ukraine economy 20209/20/2023 ![]() ![]() Bureau of International Narcotics and Law Enforcement Affairs.Bureau of Democracy, Human Rights, and Labor.Bureau of Conflict and Stabilization Operations.Under Secretary for Civilian Security, Democracy, and Human Rights.Civilian Security, Democracy, and Human Rights.Bureau of International Security and Nonproliferation.Bureau of Arms Control, Verification and Compliance.Under Secretary for Arms Control and International Security. ![]() Arms Control and International Security.Office of Small and Disadvantaged Business Utilization.Deputy Secretary of State for Management and Resources.Bureau of Cyberspace and Digital Policy.Security Coordinator for Israel and the Palestinian Authority Special Representative for Syria Engagement.Special Presidential Envoy for Hostage Affairs.Special Presidential Coordinator for the Partnership for Global Infrastructure and Investment Office of the Special Envoy for Critical and Emerging Technology.Bureau of Global Health Security and Diplomacy.We expect the economy to grow by 2% in 2023 future growth prospects will depend on the severity and duration of the war. The fact that staff-level agreement was reached with the International Monetary Fund on the first review of the Extended Fund Facility Arrangement sends out a strong and positive signal to international investors, and should facilitate future access to external financing. However, in light of the not inconsiderable downside risks to financial stability due to the war, the central bank has kept its policy rate unchanged at 25%. Capital inflows from international partners allowed the financing of a high budget deficit and an increase in forex reserves to an 11-year high of USD 37.3bn – enough to cover five months’ worth of imports. Stabilisation of the energy market, together with falling food and fuel prices, contributed to a rapid slowdown in consumer inflation to around 15% in May. Economic activity picked up in Q1 2023, as the energy system recovered from the damage caused by Russian missiles: real GDP increased by 2.4% relative to Q4 2022 (seasonally adjusted). ![]()
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