IMF raises Ukraine's 2024 GDP growth forecast to 4%

Ukraine’s GDP is projected to grow by 4% in 2024, up from the 3% forecasted in October, according to the International Monetary Fund (IMF). The revised projection was included in the sixth review of Ukraine's Extended Fund Facility (EFF) program.

The IMF maintained its baseline forecast of 2.5% GDP growth for 2025. However, the Fund suggested the 2024 growth rate could reach 3.5% if Russian attacks on Ukraine’s energy sector lessen and labor market conditions stabilize.

Ukraine’s inflation remains under control despite accelerating to 9.7% year-over-year in October. International reserves, bolstered by consistent foreign aid, stood at $36.6 billion as of October.

"Risks remain exceptionally high given uncertainty on the intensity and duration of the war, including from the continued attacks on energy infrastructure," the IMF stated.

On November 19, Ukraine secured a seventh tranche of $1.1 billion from the IMF, further supporting its economic resilience amid ongoing conflict.