Financial and economic consequences of the war for Ukraine
Journal Title: Challenges and Issues of Modern Science - Year 2024, Vol 3, Issue 1
Abstract
Purpose. The article explores the financial and economic consequences of the war with the Russian Federation for Ukraine. The focus is on assessing how businesses, government and other international stakeholders have responded to the various challenges posed by the war. Design / Method / Approach. According to the World Bank’s RDNA3 methodology, damage is the direct costs of destroyed or damaged physical assets and infrastructure, valued in monetary terms. Findings. Businesses note the shortage of labor, rising wages in the market and the overall economic prospects of Ukraine as significant risks to their recovery. They identify the priorities related to government policy and the business ecosystem. Theoretical Implications. Companies demonstrate a cautious view of the country’s economic outlook and prospects, explaining this by the unpredictable situation, insufficient demand, and labor shortages. Most of the companies that have already optimized their staff do not intend to reduce it further, seeing human resources as a prerequisite for a gradual economic recovery. Practical Implications. Most of the Ukrainian companies focus on the domestic market, with a limited presence on foreign markets. They report losses of up to 100 USD thousand. The scale of financial losses varies across sectors, with the construction sector suffering the most and the least, agriculture, telecommunications, marketing, consulting and design services. Originality / Value. Despite unprecedented losses and challenges due to the war, Ukraine has managed to maintain relative macroeconomic and price stability and overcome significant production difficulties and the negative effects of labor outflows and labor migration. Research Limitations / Future Research. Future significant research must be focused on rebuilding a critical infrastructure damaged by the hostilities and enabled a comprehensive reconstruction in Ukraine. Paper Type. Analytical Paper.
Authors and Affiliations
Olena Lytvyn
Keywords
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- EP ID EP753236
- DOI https://purl.org/cims/2403.025
- Views 21
- Downloads 1
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