Ukraine holds its ground: despite the war, the Ukrainian economy remains the 58th largest in the world
1 January 2025 10:42
The British consulting company Centre for Economic and Business Research (CEBR) has prepared an annual ranking of world economies World Economic League Table, in which Ukraine took the 58th position. The rating is published on the company’s website, "Komersant Ukrainian" reports.
The top ten world economies are as follows: The United States, China, Germany, Japan, India, the United Kingdom, France, Italy, Canada, and Brazil. Russia is eleventh.
Ukraine remained in the ranking, as it was five years ago, at the 58th position. It is in the same company: New Zealand, Greece, Qatar, Hungary, Nigeria – before our country, Kuwait, Morocco, Ethiopia, and the Slovak Republic – after it. In total, there are 189 countries in the ranking.
What makes Ukraine’s economy stand out?
According to the study, as of 2024, Ukraine has a GDP per capita adjusted for purchasing power parity of USD 19,603 and is classified as an upper-middle-income country.
The Ukrainian economy has shown resilience in the face of war. In 2024, annual GDP growth is estimated at 3%, which is slightly lower than the 5.3% growth rate in 2023, but, according to the rating compilers, is a positive factor.
Annual inflation in 2024 is estimated at 5.8%. This is less than half of the average inflation rate for the ten years to 2022 – 14.0%.
Unemployment remained high in 2024, reaching 14.2%. But compared to the previous year, it is 4.9 percentage points lower.
Ukraine also has a high level of public debt, which is further complicated by the budget deficit, estimated at 18.7% in 2024.
In the medium term, Ukraine has prospects for gradual growth. According to CEBR forecasts, the annual GDP growth rate in 2025-2029 will average 4.1%.
