Economics

Feb 23, 2026

Tatyana Deryugina

, Anastassia Fedyk, and Yuriy Gorodnichenko

Four years of grueling war have devastated Ukraine’s infrastructure, displaced millions of people, and pushed its economy to the brink. But sound policy, a surge in defense spending, sustained international aid, and restored air and sea access have stabilized demand and brought GDP close to prewar levels.