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Prices at the Pumps - May 8, 2024 #saltwire #pricesatthepumps #gaspricesKYIV - Within days of Russian forces invading Ukraine in early 2022, architect Oleh Drozdov made up his mind: he would move his home and business from the besieged eastern city of Kharkiv more than 1,000 km to the west, far from the fighting.
"Some new opportunities have started to open up slowly," said Drozdov."There are investments in this part of the country as businesses and people are relocating." A study by the World Bank, United Nations, European Commission and the Ukrainian government published in February estimated the total cost of rebuilding the economy at $486 billion, a figure that continues to rise as more damage is incurred.Viktor Mykyta, regional governor in Zakarpattia which borders Poland, Slovakia, Hungary and Romania, described a rush of new businesses ranging from salt production to furniture and textiles.
Of the few wartime foreign investments announced, most are in central and western regions - in part because they stand to benefit most should Ukraine succeed in its aim of joining the European Union one day, analysts said. After the economy collapsed by a third in 2022, it rebounded by 5.3% in 2023 and the government forecasts growth of 4.6% this year. The steel industry, once Ukraine's key exporter, contracted by about 80% in 2022 and grew only 8% in 2023.
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