Perhaps the most remarkable aspect of the past year is how well the economy has held up under the strain of war and occupation, even allowing for the fact that around 70% of the Ukrainian budget is covered by international assistance. Inflation has been kept under control, falling from 27% in December to 11% last month. GDP will grow slightly next year by 1%-2%.

For comparison, Russia’s economy, which is on the verge of collapse, is forecast to be around 7.5% inflation this year, with GDP growth around 4.9%, and its budget is not covered by international assistance.