This article provides a comprehensive overview of key macroeconomic indicators of Ukraine and the global economy for the period from January to August 2024. The analytics are based on data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the IMF, the World Bank, and the UN. Maksym Urakin, PhD in Economics, founder of the Experts Club think tank and Director of Business Development and Marketing, analyzed the main economic trends. The article focuses on GDP, inflation, foreign trade, Ukraine’s public debt, and global economic processes.
Ukraine’s economy: growth dynamics
In the first eight months of 2024, the Ukrainian economy showed a steady recovery. Real GDP grew by 3.7% in the second quarter compared to the same period in 2023, and in July the growth rate accelerated to 4.4%. According to Maxim Urakin, these results are largely due to the early harvest.
“Ukraine’s economic recovery is an encouraging signal. At the same time, the growing negative foreign trade balance is a challenge that requires strengthening domestic production and increasing exports,” emphasizes Maksym Urakin.
According to the State Statistics Service, Ukraine’s foreign trade deficit increased by 6.5% to $17.613 billion due to a decline in exports amid an increase in imports. At the same time, international reserves reached a record $42.33 billion, which indicates confidence on the part of international partners.
Inflation and debt
Inflation in Ukraine rose to 7.5% in August, higher than in July (5.4%) and June (4.8%). Month-on-month, prices in August increased by 0.6% compared to July.
Ukraine’s public debt increased by $1.1 billion in dollar terms in the second quarter of 2024. At the same time, the weighted average debt service rate decreased to 5.6% per annum, which is a positive signal for financial stability.
“Efficient debt management, including lower interest rates, opens up new opportunities for strategic investments,” said Maksym Urakin.
Global economy: challenges and opportunities
The International Monetary Fund forecasts global economic growth of 3.2% in 2024. The main drivers remain China and India, whose economies are expected to grow by 5% and 7%, respectively. At the same time, the European economy is showing more modest results: GDP growth in the eurozone is expected to reach 0.9%.
“It is important for Ukraine to seize the opportunity and consolidate its position in the EU markets, ensuring the competitiveness of its goods,” emphasizes Maksym Urakin.
Interestingly, the forecast for oil prices foresees an increase in 2024 but a decline in 2025, which is important for the economies of developing countries.
Conclusions.
Ukraine’s economic performance shows growth, but is accompanied by challenges, such as inflation and a foreign trade deficit. At the same time, the global economy faces risks, including inflationary pressures and geopolitical tensions.
“Ukraine needs to create a favorable investment climate and strengthen its export capabilities to ensure long-term stability,” summarized Maksym Urakin.
https://interfax.com.ua/news/projects/1028834.html
Kyivstar, Ukraine’s largest mobile operator, intends to invest UAH 1.43 billion in the radio frequency spectrum 1940-1945/2130-2135 MHz and 2355-2395 MHz, the company’s press service said on Tuesday. At the same time, it is specified that obtaining additional radio frequency spectrum for 15 years will significantly strengthen the company’s capabilities to expand 4G coverage and improve the quality of services in all regions of the country.
The company emphasized the important role of Kyivstar in the development of the electronic communications industry in Ukraine, in particular in the introduction of 4G. The press service recalled that it was Kyivstar that offered the state an innovative approach to solving the problem of fragmented spectrum of frequencies – in 2018, the company supported the proposal of the national regulator, returning to the state the frequency band in the 1800 MHz range. This allowed for a transparent auction, which resulted in the state budget receiving UAH 5.43 billion and consumers receiving high-quality 4G coverage across the country.
In 2020, Kyivstar returned the frequency band in the 900 MHz band to the state for the second time voluntarily and free of charge.
“To further bridge the digital divide between urban and rural areas, it was important to deploy 4G also in the lower 900 MHz frequency band, which allows for wider coverage, especially along roads and in remote areas. But the spectrum deficit and fragmentation in this band slowed down the technological development of the market,” Kyivstar’s press service said.
The CEO of the company Oleksandr Komarov expressed gratitude to the National Commission carrying out state regulation in the spheres of electronic communications, radio frequency spectrum and provision of postal communication services (NKEC), the Ministry of Digital Transformation and the state for the preparation and holding of a transparent auction for the distribution of frequencies in the spectrum 2100-2300-2600MHz, which will allow to develop infrastructure and improve the quality of mobile communication services for subscribers.
“The auction for licenses to use the radio frequency spectrum is an important step in the development of the electronic communications industry in Ukraine and evidence that the war does not stop investment in state assets, and their effective management can bring significant funds to the budget,” the Kyivstar press service quoted Komarov as saying.
The company also specified that participation in the auction for licenses for the use of radio frequency spectrum in the bands of 2024 is part of the investment program of Kyivstar and its parent company VEON, according to which it is planned to attract $1 billion to the Ukrainian economy during 2023-2027.
Earlier it was reported that the NKEC held an auction for the provision of mobile frequencies for use. “Kyivstar“, ‘Vodafone-Ukraine’ (”VF-Ukraine“) and lifecell (”Lifecell”) received for use for 15 years new frequencies in the bands 2100, 2300 i 2600 MHz cumulatively offering for them 2 billion 894.734 million UAH at the initial total price of 2 billion 871.531 million UAH.
In accordance with the terms and conditions of technologically neutral nationwide licenses established by the NCCEC, each of the winners undertook to ensure the use of the received frequency band for at least 1.5 thousand base stations within 24 months from the license start date, and for the first 12 months – for at least 500 base stations.
“Kyivstar” acquired the right to use for 15 years the frequencies in the range 1940-1945/2130-2135 MHz (without Kiev) for UAH 448 million 500 thousand, in the range 2355-2395 MHz – for UAH 994 million 800 thousand.
Leleka Medical Center is celebrating its eighth anniversary, a period filled with achievements, transformation and innovation. Over the years, the institution has evolved from a maternity hospital to a multidisciplinary center for the whole family, providing a wide range of services: from childbirth to modern surgery and outpatient consultations.
Global standards and reliability
Leleka Medical Center maintains its position as one of the leading medical centers in Ukraine, having received the prestigious international accreditation of JCI (Joint Commission International), the “gold standard” for the quality and safety of medical services. As a result, Leleka is among the best medical institutions trusted by patients in Ukraine and abroad.
The ISO 9001:2015 accreditation from QUALITY AUSTRIA confirms compliance with the highest quality management standards, which guarantees patients comfort and safety at every stage of medical care.
Results that Leleka is proud of
Over 8 years, more than 12 thousand children have been born at Leleka! Among them are 450 “early storks” who received the necessary assistance in the neonatology department.
And from January to October 2024, the medical institution
more than 1,800 surgeries were performed. Specifically, the Leleka Center for Modern Surgery performs advanced surgical interventions in the areas of hernia surgery, mammology, abdominal surgery, bariatrics, surgical gynecology, plastic surgery, and others;
provided assistance to military personnel and their families: “Leleka provided services in various areas totaling more than UAH 2 million. Charity programs were implemented together with the Children of Heroes Charity Fund, Liliia Rebryk Charity Fund and other partners and military units of the Armed Forces of Ukraine, especially those where Leleka Medical Center employees serve;
more than 75 thousand patient visits to clinics in 2024;
a number of unique patient treatment technologies were introduced, some of which are available only at Leleka, and some are available only in a few other institutions in Ukraine.
Staff development and innovation
Leleka believes that quality medicine starts with people. That is why the doctors of the center are constantly improving their knowledge and skills. In 2024, the medical center’s specialists underwent specialized training under the UNICEF, JCI, infection control, and emergency care programs.
Looking to the future
“Leleka continues to work on expanding its range of services and continuous improvement. The plans include the active development of the mammology center and the hernia surgery center, as well as a significant expansion of the list of possible services in the field of pediatrics.
“We are not resting on our laurels. Our team continues to work to ensure that Leleka remains a symbol of hope, health and innovation for every family,” said Valeriy Zukin, CEO of the medical center. We have even more opportunities and achievements ahead of us.”
The price of gold is rising in trading on Thursday amid fears of escalation of Russian military aggression in Ukraine.
Quotes of futures with delivery in December on the Comex exchange are growing by 0.6% – up to $2668.3 per ounce. Over the past five sessions, the precious metal rose in price by 3.8%.
Earlier this year, gold was over $2800 an ounce, but prices pulled back after Donald Trump’s victory in the US presidential election.
Peter Spina, founder of GoldSeek.com, said in an interview with MarketWatch that the precious metal could exceed $3,000 an ounce next year.
Germany’s Angela Merkel recalls tricky dealings with world leaders from Donald Trump to Vladimir Putin during her 16-year chancellorship in her frank memoirs, published as her legacy comes under intense scrutiny.
Here are some quotes from “Freedom: Memories 1954-2021” according to extracts released in Die Zeit weekly before next week’s official publication:
RUSSIAN PRESIDENT VLADIMIR PUTIN
“Someone who was always on his guard to avoid being treated badly and always ready to dish it out, including power games with dogs and making others wait for him. You could find all this childish, reprehensible. You could shake your head at it. But it didn’t take Russia off the map.”
“He was not interested in building democratic structures or prosperity for a well-functioning economy in his country or elsewhere. Rather, he wanted to counter the fact that the United States had emerged victorious from the Cold War. He wanted Russia to remain an indispensable pole in a multipolar world after the end of the Cold War. To achieve this, he primarily drew on his experience in the security services.”
WRANGLING OVER UKRAINE AT NATO SUMMIT IN BUCHAREST, 2008:
“I thought it was an illusion to assume that the Membership Action Plan (MAP) status would have given Ukraine and Georgia protection from Putin’s aggression, that this status would have had a deterrent effect to the extent that Putin would have accepted the developments without doing anything.
“Would it have been conceivable that NATO member states would have responded militarily – with material as well as troops – and intervened? Would it have been conceivable that I, as Federal Chancellor, would have asked the German Bundestag for such a mandate for our Bundeswehr as well and would have received a majority in favour?”
“In another context, which I no longer remember in detail
he (Putin) later said to me: “You won’t be Chancellor forever. And then they’ll become a member of NATO. And I want to prevent that.” And I thought: You won’t be president forever either. Nevertheless, my worries about future tensions with Russia in Bucharest had not diminished.”
ON DONALD TRUMP
“He saw everything from the perspective of the property developer he was before entering politics. Each parcel of land could only be sold once, and if he didn’t get it someone else did. That’s how he saw the world.”
“For years, the many German cars on the streets of New York had been a thorn in his side. That Americans were buying them could, in his opinion, only be due to dumping prices and alleged exchange rate manipulation between the euro and the dollar.”
She wrote how Trump did not shake her hand for photographers at a White House meeting in 2017 even after she whispered to him that they should. “As soon as I said that, I shook my head inwardly at myself. How could I have forgotten that Trump knew exactly what effect he wanted to achieve.”
“He was obviously very fascinated by the Russian president. In the years that followed I had the impression that politicians with autocratic and dictatorial traits captivated him.
“We talked on two different levels. Trump on an emotional level, me on a factual one. For him, all countries were in competition with each other, in which the success of one was the failure of the other. He did not believe that co-operation could increase the prosperity of all.”
CHILDHOOD AND LIFE IN COMMUNIST EAST GERMANY:
“Life in the GDR was a constant life on the edge. Even if a day began in a carefree manner, everything could change in a matter of seconds if political boundaries were transgressed… the state knew no mercy. Finding out exactly where these boundaries lay was the real art of living. My somewhat conciliatory character and my pragmatic approach helped me.”
She described a sense of superiority “because, despite everything, this state did not manage to deprive me of something that made me live, feel and sense: a certain degree of carefreeness.”
On November 16, 2024, the Institute for Reintegration, Rehabilitation and Professional Development of Veterans “Architecture of Resilience” of the Kyiv National University of Construction and Architecture held an event “Children’s Health during War: How to Protect and Improve”. The speaker at the event was the Institute’s specialist, pediatric neurologist Denys Boychuk. The event was held as part of the support for veterans’ families and was aimed at strengthening the mental and physical health of children in modern conditions.
Since the beginning of the war, children have become one of the most vulnerable categories of society, as constant stress, change of environment and a sense of danger significantly affect their mental and physical condition. Therefore, the issue of providing comprehensive support to children and their parents is extremely important to help them overcome the challenges of the modern world.
As part of the event, parents had the opportunity to take part in a seminar where Denys Boychuk spoke about important aspects of children’s health in times of crisis, how to recognize stress disorders in children, and what approaches can be useful to support their emotional state. In addition, the expert provided advice on physical activity, sleep patterns, nutrition, and communication with children, especially in crisis situations.
While the adults were immersed in the important topics of the seminar, the children had fun and beneficial time with the specialists of the Kyiv City Employment Center engaged in career guidance. Interesting games and exercises were organized for them to help them discover the world of different professions, in particular, to get acquainted with the profession of an architect and a builder. Students in grades 8-11 were also given a career guidance test that allowed them to better understand their own interests and potential, which may make it easier to choose a future profession. In addition, children had the opportunity to learn more about the specialties offered by the Kyiv National University of Construction and Architecture. The Department of Environmental Protection Technologies and Labor Protection conducted a tour of its laboratories – water, earth and air.
This event was an important step in supporting veterans’ families by providing them with effective tools to keep their children healthy, as well as an opportunity for children to broaden their horizons and learn about potential professional fields. Such initiatives not only help to overcome the psychological consequences of war, but also strengthen society by contributing to the formation of a more resilient and conscious generation.
The Institute of Reintegration, Rehabilitation and Professional Development of Veterans “Architecture of Resilience” of KNUBA plans to continue organizing such events, involving leading experts and partners, to support veterans’ families in this difficult time.
Architecture of Resilience, children's health, Institute of Reintegration
