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On behalf of the Ukrainian authorities, I would like to express their deep appreciation to the IMF staff for the in-depth report, the constructive engagement during the recent mission to Kyiv and Warsaw, and the continued virtual dialogue with the authorities.
1. Russia’s full-scale war in Ukraine has now lasted over three years. Ukraine has been under intensified pressure on the Eastern frontlines, while continued aerial attacks on civilian and energy infrastructure are taking a severe humanitarian toll. More than 6.9 million refugees remain outside Ukraine, on top of the 3.7 million internally displaced persons. The updated World Bank Rapid Damage and Needs Assessment (RDNA4) estimates reconstruction and recovery needs of US$524 billion, significantly above last year’s assessment. Nevertheless, the Ukrainian economy and its people remain resilient, thanks in part to sustained donor support, a robust energy situation, and the authorities’ perseverance in maintaining macroeconomic and financial stability while advancing structural reforms, including on the path to the EU accession.
THE BIG PICTURE: Barbados’s economy grew at an annual pace of 3.9 percent in the first nine months of 2024 as tourists flocked to the Caribbean island’s white-sand beaches. Labor market conditions improved, with unemployment falling to the lowest rate since 2008. Above, a racehorse from the Garrison Savannah racetrack swims with its groom in the early morning at Pebbles Beach, outside Bridgetown. IMF Photo/Kim Haughton.