NBU plays down impact of young men’s exit on labor market

The National Bank of Ukraine (NBU) is monitoring reports of men aged 18–22 leaving the country but considers it too early to draw conclusions about the potential impact on the labor market. NBU Governor Andriy Pyshny made this statement at a briefing on Thursday.

"Following our internal discussions, we do not anticipate any dramatic consequences in this regard. But time will tell. We are closely monitoring the situation," Pyshny said.

If emigration within this age group proves to have a significant effect, the NBU will incorporate it into its forecasts.

"In our July forecast, we assumed that around 200,000 Ukrainians would leave the country this year. According to the most recent data, actual departures stand at just over 100,000, which remains in line with our projections. We will continue to assess the consequences of this decision, adopted at the end of August," said NBU First Deputy Governor Sergiy Nikolaychuk.

• On August 26, 2025, the government authorized men aged 18–22 to leave Ukraine during wartime. The Cabinet of Ministers published the corresponding resolution the following day, and it came into force on August 28.
• MP Fedir Venislavsky, a member of the Rada’s Defense Committee, expressed confidence that this decision "will not lead to an outflow of men."