Business news from Ukraine

Business news from Ukraine

Experts Club analyzed wheat cultivation indicators worldwide from 1990 to 2026

The information and analytical center Experts Club presented a video analysis of the dynamics of wheat cultivation worldwide for the period from 1990 to 2026, prepared on the basis of comparative data on wheat production in the main producing countries.

According to available data, global wheat production in the countries included in the analysis increased from about 591.3 million tonnes in 1990 to an estimated 816.4 million tonnes in 2026. Thus, over 36 years, the volume of production increased by approximately 225 million tonnes, or by 38%.

At the same time, the highest indicator in the available data set was recorded in 2025 — about 831.9 million tonnes. The forecast indicator for 2026 is lower — 816.4 million tonnes, which may indicate a partial correction after the high harvest of the previous year, but the overall long-term trend remains upward.

Experts Club notes that the video format makes it possible to visually trace not only the growth of global wheat production, but also the change in the geography of the main producers. If in the early 1990s the largest producers included the USSR, China, the United States, India, France and Canada, then in the current structure the leading positions are occupied by China, India, Russia, the United States, France, Canada, Australia, Pakistan and Ukraine.

According to FAO and USDA data, in 1990 the largest volume of wheat production was accounted for by the USSR — about 101.9 million tonnes, China — 98.2 million tonnes, the United States — 74.3 million tonnes, India — 49.8 million tonnes, France — 33.3 million tonnes and Canada — 32.1 million tonnes. The combined share of the ten largest producers at that time was about 77% of the global indicator.

In 2026, according to available data, China remains the largest wheat producer — about 141 million tonnes. India ranks second — 121 million tonnes, and Russia ranks third — 86 million tonnes. They are followed by the United States — 42.5 million tonnes, France — 36 million tonnes, Canada — 35 million tonnes, Australia and Pakistan — 30 million tonnes each, Ukraine — 23 million tonnes, and Germany — 21.5 million tonnes.

The share of China and India in global wheat production increased significantly during this period. If in 1990 these two countries accounted for about 25% of global production, then in 2026 they already account for more than 32%. This reflects the long-term strengthening of Asia’s role in the global food system.

“Wheat remains one of the basic indicators of food security. Over the past decades, we have seen not only an increase in global production, but also a gradual shift in the centers of agricultural weight. China and India have become key producers, while the countries of the Black Sea region have significantly strengthened their influence on the international grain market,” said Maksym Urakin, founder of the information and analytical center Experts Club and Candidate of Economic Sciences.

Ukraine plays a separate role in the modern production structure. According to available data, after Ukraine appeared as a separate statistical unit in the early 1990s, wheat production amounted to about 19.5 million tonnes in 1992. In 2021, the indicator reached more than 32 million tonnes, after which it declined due to the war, logistical restrictions, mined territories, changes in the structure of sown areas and the loss of part of production capacity.

In 2024, wheat production in Ukraine was estimated at approximately 23.4 million tonnes, in 2025 — 24.1 million tonnes, and in 2026 — about 23 million tonnes. Despite difficult conditions, Ukraine remains among the ten largest wheat producers in the world and retains strategic importance for the global grain market.

The data also indicate changes in the position of the United States. In 1990, the United States produced more than 74 million tonnes of wheat and was one of the three largest producers in the world. In 2026, its indicator stands at about 42.5 million tonnes. This does not mean a loss of U.S. agricultural potential as a whole, but reflects structural changes in agriculture, competition with other crops and a change in the global production balance.

Russia, which has been reflected separately in statistics after the collapse of the USSR, has become one of the key wheat producers in the 21st century. According to available data, in 2025 its production was estimated at approximately 90.3 million tonnes, and in 2026 — 86 million tonnes. At the same time, the countries of the former USSR as a whole remain an important center of global grain production.

“The global wheat market has become much more multipolar. If previously several major producers played the key role, now several regions at once are critically important for food stability — Asia, North America, Europe, the Black Sea basin and Australia. Any climatic, logistical or military-political risks in one of these regions quickly affect global prices,” Urakin emphasized.

Experts Club draws attention to the fact that when analyzing wheat, it is important to distinguish between absolute production volumes, export potential and domestic consumption. China and India are the largest producers, but a significant part of their harvest is used on the domestic market. Instead, Ukraine, Russia, Canada, Australia, the United States and France have a significant influence specifically on international wheat trade.

The center’s analysts note that the further dynamics of wheat production will depend on several key factors: climatic conditions, access to fertilizers and seeds, energy costs, the state of logistics infrastructure, trade restrictions, war risks and state policy to support the agricultural sector.

According to Experts Club’s assessment, long-term visualization of wheat cultivation indicators makes it possible to better understand how the global food system has changed since 1990, which countries have strengthened their positions and why grain production remains one of the key elements of economic and political security.

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Global stainless steel production rose by 2.5%

Global stainless steel production in January–March of this year increased by 2.5% compared to the same period last year—rising to 15.774 million tons from 15.387 million tons. Production increased in the U.S., Asia, and China specifically, while it declined in Europe.

These figures are cited in a press release from The World Stainless Association (formerly the International Stainless Steel Forum, ISSF).

According to the information, stainless steel production in Europe decreased by 4.6% in the first quarter of 2026, to 1.468 million tons. In the U.S., production increased by 2.3%, to 566,000 tons.

In Asia, stainless steel production rose by 3.3% to 13.435 million tons, while in China it increased by 4.3% to 9.842 million tons.

In other regions (Brazil, Russia, South Africa, Ukraine, and the UK), production increased by 6.7% to 305,000 tons.

As reported, global stainless steel production in 2025 increased by 2.1% compared to the previous year—to 64.157 million tons from 62.821 million tons. At the same time, stainless steel production in Europe in 2025 decreased by 1.9% to 5.659 million tons. In the U.S., production increased by 7.6% to 2.099 million tons. In Asia (excluding China and South Korea), stainless steel production last year rose by 2.7% to 55.313 million tons, while in China it increased by 3.6% to 40.868 million tons. In other regions (Brazil, Russia, South Africa, the UK, and Ukraine), production fell by 11.3% to 1.086 million tons.

Global stainless steel production in 2024 increased by 7% compared to 2023—to 62.621 million tons from 58.539 million tons, with production rising in all major regions. In 2023, production of this type of steel increased by 4.6% compared to 2022—to 58.444 million tons; in 2022, it decreased by 5.2% compared to 2021—to 55.255 million tons.

Earlier, the information and analytical center Experts Club released a video dedicated to global steel production and leading producing countries – https://www.youtube.com/shorts/VgUU9MEMosE

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In 2025, Spain became Europe’s most visited tourist destination in terms of overnight stays, according to a study by Experts Club

Spain ranked first among European countries in terms of the number of tourist overnight stays in 2025, confirming its status as one of the world’s leading tourist destinations. According to data from the Experts Club information and analysis centre, tourists spent 329.7 million nights in hotels and other accommodation facilities in Spain last year.

Italy took second place with 264.7 million overnight stays, and Turkey came third with 154.8 million. Next came France with 150.8 million overnight stays and the United Kingdom with 149.8 million, although the figures for the UK are for 2024.

The top ten also included Greece with 130.9 million overnight stays, Austria with 97 million, Croatia with 85.6 million, Germany with 83.6 million and the Netherlands with 64.3 million. Thus, the European tourism market continues to be shaped not only by the largest EU countries but also by medium-sized destinations with a strong focus on resorts and culture.


Spain remains the leader thanks to a combination of beach tourism, major city destinations, a well-developed hotel infrastructure and high demand from travellers from Europe and other regions. Despite protests against overtourism in certain regions of Spain and Italy, tourist flows to these countries remain high.

France maintains a strong position not only thanks to Paris. In summer, tourists are drawn to the Côte d’Azur and Provence, and in winter to the Alpine resorts. Austria and Croatia also demonstrate that countries with smaller populations can rank among the leaders by specialising in mountain, cultural and seaside tourism.

Europe as a whole remains the most visited region in the world. According to the data cited in the article, travellers spent over 1.5 billion nights in European accommodation, whereas in 1950 this figure stood at just around 25 million.

For the travel market, this confirms the steady recovery and growth of the tourism industry following the pandemic. According to estimates by the World Travel and Tourism Council, the travel and tourism sector could grow by 3.2% in 2026, and the industry will support 376 million jobs worldwide, or roughly one in nine jobs.

Experts Club presented video analysis of dynamics of public debt of countries of world over the past 60 years

The information and analytical center Experts Club presented a video analysis of the dynamics of the public debt of the countries of the world over the past six decades, prepared on the basis of a comparative table of public debt volumes in dollar equivalent for 1960–2025.

According to the presented data, the total volume of public debt of the countries included in the study increased from about $381 billion in 1960 to approximately $89.7 trillion in 2025. Thus, over the period covered by the analysis, the nominal volume of debt obligations in the world increased more than 200 times.

Experts Club notes that the video format makes it possible to visually show not only the absolute growth of debt, but also the change in the structure of the global debt burden among the world’s leading economies. If in 1960 the largest volume of public debt fell mainly on the United States and several large economies of Western Europe, then in the 21st century Asian economies and countries with high rates of economic growth also entered the group of the largest debtors.

“Over the past 60 years, public debt has turned from an instrument for financing individual budget needs into one of the key elements of the global economic system. Today, it is not only about the volume of borrowings, but about the ability of states to manage the cost of debt, its maturity structure and its impact on economic growth,” said Maksym Urakin, founder of the Experts Club information and analytical center and Candidate of Economic Sciences.

According to the table, in 2025 the largest volume of public debt among the countries of the world was held by the United States — about $38.27 trillion. Japan was in second place — $9.83 trillion, followed by the United Kingdom — $4.09 trillion, France — $3.92 trillion, Italy — $3.48 trillion, India — $3.36 trillion and Germany — $3.23 trillion.

The top ten countries by absolute volume of public debt in 2025 also included Canada — $2.60 trillion, Brazil — $2.06 trillion and Spain — $1.73 trillion. In total, the ten largest debtors accounted for about 81% of the total debt volume of the countries presented in the table.

The largest share in the global debt mass, according to calculations based on the table, fell on the United States — approximately 42.7%. Japan’s share was about 11%. The five largest countries by absolute debt volume concentrated more than 66% of the total indicator.

The dynamics of recent years indicate a further acceleration of the debt burden in the largest economies. In particular, in 2024–2025, the public debt of the United States increased by approximately $2.91 trillion, Japan’s — by $362 billion, the United Kingdom’s — by $260 billion, France’s — by $250 billion, and India’s — by $230 billion.

At the same time, Experts Club draws attention to the fact that the cited indicators reflect precisely the absolute volumes of debt in U.S. dollars, and not debt relative to GDP, population size or budget revenues. Therefore, the absolute ranking shows the scale of debt obligations, but does not always directly characterize the debt sustainability of one country or another.

“The absolute size of public debt cannot automatically be interpreted as a sign of financial weakness. For large economies, the depth of the domestic financial market, trust in the national currency, the structure of creditors and the ability of the economy to service obligations without losing macro-financial stability are important. That is why the comparison of public debt should combine absolute indicators with an analysis of debt to GDP, budget revenues and the cost of its servicing,” Urakin emphasized.

As for Ukraine, according to the available data, Ukraine’s public debt in 2000 amounted to about $16.3 billion, in 2010 — $51.1 billion, in 2020 — $87.6 billion, in 2024 — $209.8 billion, and in 2025 — about $227.7 billion. By the absolute volume of debt in 2025, Ukraine was approximately in the fourth dozen of countries in the world among those presented in the table.

Experts Club emphasizes that the long-term visualization of debt indicators makes it possible to better assess how the financial architecture of the world has changed after the 1960s, in particular after the oil crises, the period of high inflation, the global financial crisis of 2008, the COVID-19 pandemic and new stages of budgetary stimulus in the leading economies.

The center’s analysts note that the further assessment of debt dynamics should be carried out taking into account not only absolute volumes, but also the ratio of debt to GDP, the cost of debt servicing, the currency structure of obligations, the share of domestic and external borrowings, as well as the ability of the economy to generate long-term revenues for servicing the debt burden.

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State of Ukraine’s Economy Based on the Results of 2025 — Analysis by Experts Club

Ukraine’s economy at the end of 2025 demonstrated a more stable conclusion to the year than had been expected in the autumn, although it is still premature to speak of a full-fledged recovery. This conclusion follows from an analytical review of key macroeconomic indicators of Ukraine and the world, prepared on the basis of data from the State Statistics Service, the NBU, the IMF, the World Bank, and leading international statistical agencies.

According to the review, Ukraine’s real GDP growth in 2025 was estimated at 1.8%, while inflation in December slowed to 8% year-on-year. At the same time, core inflationary pressure also weakened: core inflation in December also slowed to 8%, compared with 11% in September. This allowed the economy to end the year with formally positive dynamics even against the backdrop of war, losses of energy infrastructure, a labor shortage, and high budgetary pressure.

At the same time, the structure of growth remained uneven. The consumer segment and part of investment activity looked resilient: in the fourth quarter of 2025, growth in retail trade accelerated on average to 13.6% year-on-year, while construction activity was supported by housing repairs and the restoration of the logistics, infrastructure, and energy base. In the second half of the year, wages in the private sector, according to estimates based on banking data, grew by more than 20% in annual terms. At the same time, industry remained weak: in the fourth quarter, industrial production was on average declining by 4.8% year-on-year, primarily due to a downturn in the energy sector and the extractive industry.

As noted by the founder of the information and analytical center Experts Club, Maksym Urakin, this is not a phase of classical economic upswing, but rather the preservation of macro-resilience in wartime conditions.

“The result of 2025 for Ukraine can be called moderately positive, but without grounds for complacency. Yes, inflation turned out to be lower than had been expected back in the autumn, core price pressure also weakened noticeably, reserves became record-high, and the economy did not slide into recession even despite harsh wartime conditions. At the same time, this is not a sign of a full-fledged upswing,” he emphasized.

Change in real GDP at actual prices relative to the previous period in 2014–2024

According to Maksym Urakin, the current model of the Ukrainian economy rests on a combination of external financing, high budget expenditures, business adaptation, and the resilience of domestic demand. “In fact, we see an economic model that rests on a combination of external financing, high budget expenditures, business adaptation, and the resilience of domestic demand. But without a more large-scale inflow of investment into production, energy, logistics, and technological renewal, this growth will remain limited and very sensitive to any new external or military shock,” he noted.

External assistance remained the most important pillar of macro-financial stability. In the fourth quarter, its inflow increased sharply, and overall in 2025 Ukraine received $52.4 billion in official financing, including $32.7 billion from the EU and $12 billion from the United States. This made it possible to increase international reserves to a historical maximum of $57.3 billion at the end of the year. But at the same time, imbalances also intensified: the current account deficit for January–November reached $30.6 billion, while the consolidated budget deficit excluding grants amounted to UAH 2.209 trillion, or 24.8% of GDP. The NBU also indicated that public and publicly guaranteed debt would remain at a level of more than 100% of GDP over the forecast horizon.

Geographical structure of international assistance to Ukraine in 2022–2025, EUR billion

Urakin believes that 2026 will be decisive for Ukraine. “The key conclusion of 2025 for Ukraine is very simple: external assistance bought the state time, but by itself it does not solve the problem of the weak structure of the economy. Record reserves, large official financing, and even slowing inflation do not yet mean that the economy has become self-sufficient. On the contrary, if we look at the current account deficit, the scale of the budget gap, and the debt burden, it is clear that macro-resilience still rests to a large extent on external resources,” he emphasized.

He added that without an inflow of investment into production, infrastructure, energy, and export processing, the current stability risks remaining only a mode of maintaining the system. “That is why 2026 will be critical: if it does not bring an increase in investment into production, infrastructure, energy, and export processing, then the current stability will remain only a mode of maintaining the system, and not a transition to genuine economic recovery,” Urakin summarized.

Against the global backdrop, the situation looked moderately weak, but not crisis-like. According to the review, the world economy was slowing at the end of 2025; however, the United States maintained resilient growth, the eurozone demonstrated weak but positive dynamics, and China ended the year with formally strong GDP growth of 5%, although against the backdrop of weak domestic demand. For Ukraine, this means that the external environment remains heterogeneous: without a sharp collapse, but also without a powerful external impulse that could automatically accelerate domestic recovery.

Experts Club is a Ukrainian information and analytical center engaged in the preparation of studies, reviews, and expert materials on the economy, international relations, markets, and long-term development trends of Ukraine and the world. The center also regularly serves as a platform for public comments and discussions involving specialized experts.

Ukrainians’ attitude toward Canada remains one of most positive among all countries surveyed

Canada is among the group of countries that consistently enjoy a high level of positive perception within Ukrainian society. According to the survey results, 76.2% of respondents describe their attitude toward Canada as positive. Specifically, 39.4% of Ukrainians indicated a “completely positive” attitude, while another 36.8% described it as “mostly positive.” This distribution of responses indicates not only broad support but also a deeply entrenched positive image of the country.

At the same time, the level of negative perception of Canada is minimal—only 2.3% (1.4% “mostly negative” and 0.9% “completely negative”). This is one of the lowest figures among all countries included in the study. This result confirms that negative assessments are isolated and do not significantly influence overall perception.

The share of neutral responses is 20.3%, which is a moderate figure. This means that while most Ukrainians have already formed a positive attitude toward Canada, a certain portion of respondents lack sufficient personal experience or information to make a clear assessment. At the same time, only 1.2% of respondents were unable to decide on an answer, which further underscores the high level of certainty in public opinion regarding this country.

Overall, Canada demonstrates one of the most balanced and positive perception profiles: the combination of a high share of “fully positive” assessments with virtually no negativity forms a solid reputation capital. This indicates that the country’s image in Ukraine is based not only on general perceptions but also on a systematic view of Canada as a reliable partner.

“Canada is among those countries toward which Ukrainians have formed not just a positive, but a consistently positive attitude. This is the result of long-term interaction, support, and presence in the Ukrainian information space. In such cases, even neutral responses do not blur the overall picture, but only underscore its consistency,” noted Oleksandr Pozniy, director of the research company Active Group.

Thus, Canada ranks among the top countries with the highest level of trust in Ukrainian society. The combination of high positive perception and minimal negativity creates a foundation for further strengthening bilateral relations, particularly in the areas of politics, the economy, and humanitarian cooperation.

According to a study conducted by the Experts Club information and analytical center based on data from the State Customs Service, Canada ranks 41st in total trade volume of goods with Ukraine, with a figure of $416.2 million.

Imports of Canadian goods are twice as high as Ukrainian exports, resulting in a trade deficit of $139.9 million.

The study was presented at the Interfax-Ukraine press center; the video can be viewed on the agency’s YouTube channel. The full version of the study can be found at this link on the Experts Club analytical center’s website.

 

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