Ukraine's economic rollercoaster

Business Daily

BBC

Business

4.4 • 816 Ratings

🗓️ 22 February 2024

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Russian invasion sparked the worst recession in the country’s recent history. Yet 2023 saw growth which is projected to continue. So how are businesses actually faring?

The economy is heavily reliant on foreign aid and there is uncertainty whether that will continue, notably from the US.

We hear from businesses and workers who give us a mixed picture of Ukraine's economic health: Chef Zhenya Mykhailenko the CEO of FVSM which runs a group of Ramen restaurants in Kyiv and a military kitchen in the Zaporizhiya region; Kees Huizinga who farms in Uman, South of Kyiv and Erica, a secondary school teacher in the war torn southern city of Kherson. Plus economic analysis from Andrew Walker.

Produced and presented by Clare Williamson

(Image: Chef Zhenya. Credit: FVSM)

Transcript

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0:00.0	The Global Story, with smart takes and fresh perspectives on one big news story, every Monday to Friday from the BBC World Service.
0:11.5	Search for The Global Story, wherever you get your BBC podcasts, to find out more.
0:19.6	Welcome to Business Daily from the BBC World Service. I'm Claire Williamson. Today we're talking to
0:25.9	business people and workers in Ukraine about the state of the country's economy after two devastating
0:31.9	years of war. No cinemas, no cafes, no restaurants, of course. Everything is closed.
0:38.0	No, nothing works.
0:39.7	That's why.
0:40.5	The economy has been on a roller coaster.
0:42.9	The Russian invasion sparked the worst recession in the country's recent history,
0:47.3	yet 2023 saw growth.
0:49.7	I can say right now that I see 58.3% rise in sales, so roughly 60% growth.
0:59.5	It's a complex picture, but what could happen if foreign aid gets cut as war fatigue spreads
1:05.2	and Ukraine gets caught up in internal politics.
1:08.2	There will never be a bill I'll vote for to help other countries who are very deserving
1:13.6	until we control our own border that's completely broken.
1:17.6	What role will the economy play if Ukraine is ever to win this war?
1:22.6	That's all coming up in today's Business Daily.
1:29.9	It's a Saturday night in downtown Kiev.
1:33.1	There've been no air raid warnings and the bars and restaurants are filling up.
1:38.1	One of them is Ramen v. Marketing, a noodle restaurant in the Purchase District, just down from
1:43.5	the Parliament building.
1:45.2	It's one of six, owned and run by Genia Mikhailenko.
	...

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