Ukraine needs its own reconstruction plan worth hundreds of billions of euros, says Novak
31 March 16:16
According to the World Bank, Ukraine will need more than 500 billion euros for post-war reconstruction. This amount is nearly three times the country’s nominal GDP in 2025. In an interview with the YouTube channel "Komersant Ukrainian", economist Andriy Novak explained how the country can secure these funds and where efforts should be focused.
“We could talk about something like a ‘Marshall Plan,’ but it shouldn’t just be a repeat of history—it has to be our own, Ukrainian plan. And most importantly, we ourselves must take the initiative to raise funds from various sources, rather than waiting for money from a single donor,” Novak explains.
The economist emphasized that the reconstruction strategy must be long-term and well-thought-out.
“Once the world understands where Ukraine wants to go, then funds will be allocated for the long term. We must not be afraid of the size of the numbers—500 billion, a trillion, or one and a half trillion. We must be afraid that after the war, we won’t return to the practice of planning only one year ahead,” he says.
According to Novak, reconstruction priorities must be comprehensive and parallel: energy, housing, and transportation as the “lifeblood of the country,” where the entire economy cannot function without any one component.
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At the same time, reconstruction must not only restore what has been destroyed but also raise Ukraine’s economy to the level of the world’s leading countries.
“We are not setting a goal to move from the fourth world to the third—the bar must be set at the level of leading economies right away. This requires strategic economic modeling for many years to come,” he concluded.
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