Ukraine’s postwar reconstruction should involve not only the rebuilding of destroyed infrastructure and enterprises, but also a structural transformation of the economy—specifically, a shift from a raw materials-based model to the production of high-value-added goods. This was stated by expert Stakovychenko Igor, according to the publication “Glavred.”
In his assessment, the reconstruction could serve as an opportunity for the technological modernization of Ukrainian industry, increasing productivity, and strengthening the competitiveness of domestic enterprises in international markets.
“Ukraine’s post-war reconstruction is not just the largest infrastructure project in the history of the independent state. It is a chance to change the structure of the national economy, to transition from a raw materials-based model to the production of high-value-added goods,” Stakovichenko noted.
According to a joint assessment by the Ukrainian government, the World Bank, the European Commission, and the UN, released in February 2026, the country’s needs for recovery and reconstruction over the next decade amount to nearly $588 billion.
Transportation infrastructure, the energy sector, housing, industry, and the agricultural sector will require the largest investments. At the same time, recovery efforts must continue even before the war ends, despite security risks.
Among the main challenges for the economy, experts highlight not only physical destruction but also a shrinking labor force, a shortage of skilled workers, logistical constraints, and insufficient access to financing. Under these conditions, restoring production capacity alone will not guarantee its effective operation.
Promising areas for development could include agricultural processing, energy, information technology, and the defense industry. In particular, the modernization of energy infrastructure creates opportunities for the development of distributed generation and improved energy efficiency, while defense technologies could serve as the foundation for establishing new high-tech manufacturing facilities.
At the same time, the private sector will remain a key factor in the country’s recovery. International financial assistance is necessary to overcome the consequences of the war; however, long-term economic growth will also require private investment, job creation, and the expansion of export capacity.
To attract capital, Ukraine must ensure the protection of property rights, access to credit, a predictable tax policy, a reduction in administrative burdens on entrepreneurs, and an effective judicial system.
According to Stakovichenko, the key criterion for successful reconstruction should not be the number of restored facilities or the amount of funds disbursed, but rather the economy’s ability to create new industries, jobs, and added value.
Thus, post-war reconstruction could serve as a tool for Ukraine’s transition to a more modern economic model focused on technology, productivity, and competitive manufacturing.
ECONOMY, INDUSTRY, INVESTMENT, RECONSTRUCTION, UKRAINE, СТАКОВИЧЕНКО
OKKO Group plans to commission its 147 MW wind farm in the Volyn region by the end of this year or early next year and has begun construction of a second 190 MW wind farm in the Volyn region, according to the group’s CEO, Vasyl Danylyak.
“By the end of the year—possibly in the first quarter of 2027—we will commission the 147-MW wind farm. This project is being financed jointly with the EBRD, the IFC, and the CEB. Construction of a 190-MW wind farm has already begun nearby,” Danilyak said during the Kyiv International Economic Forum on Monday.
He noted that the construction cost of the 147-MW wind farm is approximately 200 million euros, while that of the 190-MW wind farm is 300 million euros.
Danylyak also confirmed that OKKO will commission its bioethanol plant next year.
According to OKKO’s CEO, new opportunities in the energy sector are driving the group to invest during the war.
“The war has exposed many problems in the energy system; large facilities have become vulnerable to attacks, and the absolutely correct direction for development—toward the decentralization of power generation—has been set,” Danilyak noted.
As previously reported, on June 17, 2026, the European Bank for Reconstruction and Development (EBRD) approved a decision to provide a long-term loan of up to EUR50 million to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, which are majority-owned by VI.AN Holding, part of the OKKO Group, to finance the construction and operation of a 189-MW wind farm in Ukraine.
The EBRD loan will be part of the project’s secured debt financing, which also involves the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank (BSTDB).
In April 2025, the EBRD, IFC, and BSTDB announced a EUR157 million loan to the “Galnaftogaz” group for a 147-MW wind farm in the Volyn region.
OKKO had planned to launch a bioethanol plant with an investment of EUR110 million in the third quarter of 2026, but the launch had to be postponed due to delays in equipment delivery.
The OKKO Group comprises more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other sectors. The group’s flagship company is the “Galnaftogaz” concern, which operates one of Ukraine’s largest gas station networks under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
Global spending on data centers will reach $1 trillion in 2026 and more than double to $2.1 trillion by 2028, according to forecasts by experts at BofA Global Research.
The growth in the technology sector’s spending on data centers is becoming an increasingly important source of revenue for industrial companies that manufacture generators, construction equipment, power distribution equipment, and cooling systems.
Chip and server equipment manufacturers are among the main beneficiaries of the large-scale construction of data centers for artificial intelligence developments, according to the BofA report. Experts estimate the cost of building and equipping data centers at $49 million per 1 MW of capacity, with 78% of that amount going toward IT infrastructure.
According to BofA estimates, the average annual growth rate of data center spending from 2025 to 2030 will be 37%. As a result, experts predict that by 2030, the market will reach $2.93 trillion. For comparison, in 2025, this figure stood at $275 billion.
artificial intelligence, BOFA, DATA CENTER, INFRASTRUCTURE, INVESTMENT
MasterZoo, a Ukrainian pet store chain, has launched an updated online store at masterzoo.ua; the company invested $100,000 in the site’s upgrade. Additionally, MasterZoo’s first mobile app is now available for download, with over $30,000 invested in its development, the company’s press office told the “Interfax-Ukraine” news agency.
“We are investing in building a digital ecosystem that will meet the various needs of pet parents—from regular purchases to finding new products and professional recommendations. At the same time, we are mindful of the specifics of the pet retail industry: there are categories where it’s important for pet parents to see the product in person, try on clothing or accessories for their furry friend, or get in-person advice. Therefore, our goal is not to pit online against offline, but to combine their advantages and create a seamless customer experience. “For us, investing in technology is a strategic investment in MasterZoo’s future,” comments Oksana Kyrychenko, CEO of MasterZoo.
The new platform offers product recommendations based on your pet’s type and breed, expanded features in the customer’s personal account, an auto-renewal service (10% discount on repeat orders), and other personalized offers. The updated platform features over 18,000 SKUs from more than 350 brands. The first mobile app is now available for download on the App Store and Google Play.
The chain is developing an omnichannel model in which brick-and-mortar pet stores and digital services complement each other. More than 200 pet stores in 40 cities are gradually becoming not only retail locations but also part of the e-commerce infrastructure—serving as pickup points, locations for reserving products, and, in the future, fulfillment centers (grey stores) for packing and shipping online orders via postal carriers or the company’s own courier service.
MasterZoo strives to make shopping convenient and personalized regardless of where the customer interacts with the brand. The importance of the digital channel is also confirmed by sales trends: while the online channel accounted for an average of 15% of MasterZoo’s total sales in 2024, its share rose to 18% in 2025 and reached 25% in 2026.
MasterZoo’s data confirms that customers are increasingly combining online and offline shopping. Specifically, one in every three to four dry pet food buyers already uses multiple sales channels. At the same time, the average order value for online shoppers is 2.5 times higher than the average order value at brick-and-mortar pet stores, and the LTV (lifetime value) of omnichannel customers is nearly four times higher than that of customers who shop exclusively at physical locations.
Pickup plays a key role in this model. Currently, it accounts for about 35% of all MasterZoo online orders. Over 40% of pickup orders in the network are placed in Kyiv. Kharkiv, Lviv, Dnipro, and Odesa follow in terms of the number of such orders.
“We are seeing how the habits of Ukrainian pet parents are changing: online shopping is becoming increasingly common not only in large cities but also in smaller towns. The share of orders from outside regional centers has risen from 26.4% to 29.7%, and the number of orders using MasterZoo’s own courier delivery service has nearly tripled over the past year (+182%). At the same time, customer delivery preferences vary by location: in small towns, about 80% of orders are delivered by “Nova Poshta,” while in Kyiv, the figure is 39%. “That’s why it’s important for us not just to develop our online store, but to create a flexible system where every customer can choose the most convenient way to shop and receive their purchases, regardless of where they live,” says Alisa Dashevska, e-commerce director of the MasterZoo pet store chain.
MasterZoo (Petmaster LLC) is Ukraine’s largest pet retailer, comprising over 200 pet stores in 40 cities and 19 grooming salons in seven Ukrainian cities. In 2026, the chain has already opened 15 new stores, including in cities where it previously had no presence—Pryluky and Kamianets-Podilskyi. It is part of the Ukrainian family-owned Suziria Group. The chain’s product range includes over 18,000 SKUs from more than 350 brands.
According to OpenDataBot, Petmaster LLC’s revenue for 2025 grew by 18.81% to 2,282,281,000 UAH, while net profit decreased by 24% to 6,256,000 UAH in 2025, compared to 8,234,000 UAH in 2024.
The Hungarian government has drafted a bill to introduce an annual tax on large fortunes at rates of 1–1.5%, which could affect not only Hungarian citizens but also foreign owners of real estate and businesses. The new tax is scheduled to take effect on December 15, 2026, and the first payments are due to the budget by August 31, 2027, according to a draft from the Hungarian Ministry of Finance.
According to the document, the net value of assets exceeding 1 billion forints (approximately $3.08 million) will be subject to taxation. A rate of 1% applies to the portion of taxable assets up to 100 billion forints, and 1.5% applies to the amount exceeding that threshold.
A tax-free allowance of 1 billion forints is granted to each individual separately, including spouses. When calculating the tax base, the value of assets is taken into account net of documented liabilities.
The list of taxable assets includes real estate, shares in companies, cash, securities, cryptoassets, investment-grade precious metals, and other valuable assets. The tax may also apply to works of art and jewelry valued at more than 3 million forints per item, as well as vehicles valued at more than 10 million forints.
Tax residents of Hungary are subject to taxation on their worldwide assets. However, a special rule applies to Hungarian citizens: after moving abroad, they will lose their resident status for purposes of the new tax only after ten years of living outside the country.
Foreign non-residents will pay tax exclusively on certain Hungarian assets, including real estate, property rights, and shares in companies registered in Hungary. Shares in foreign companies may also fall under the scope of the law if more than 75% of their balance sheet assets consist of Hungarian real estate.
However, simply owning an apartment or house in Hungary does not in itself create a new tax liability. A tax-exempt threshold of 1 billion forints is also provided for non-residents with respect to the relevant Hungarian assets.
According to estimates by the Ministry of Finance, the tax could affect approximately 15,000 high-net-worth individuals and 2,000 asset management entities. The expected additional revenue over four years is estimated at 800 billion forints.
The bill has passed the public consultation phase, which concluded on October 14; however, as of October 19, a final parliamentary decision has not yet been made.
The new tax regime is of interest to foreign investors, among whom citizens of Germany, Romania, Slovakia, China, the Netherlands, and Austria remain the largest groups of buyers of Hungarian real estate.
According to data from the National Bank of Hungary, compiled based on information from the National Tax and Customs Administration (NAV) and published in August 2026, foreign citizens accounted for 4% of all homebuyers in the country in 2025.
Citizens of Germany accounted for the largest share—1.1% of all homebuyers. Citizens of Romania accounted for 0.6%, Slovakia for 0.5%, the Netherlands and China for 0.3% each, and Austria for 0.2%.
More detailed statistics from the Hungarian Central Statistical Office (KSH) for 2024 allow for an assessment of the number of purchases by nationality. At that time, foreigners purchased approximately 6,600 residential properties with a total value of 309 billion forints, accounting for 6.4% of the value of all transactions in the housing market.
German citizens purchased the most properties—1,369. They were followed by buyers from China—708 properties; Romania and Slovakia—671 each; the Netherlands—438; Vietnam—329; and Austria—268.
Russian citizens purchased 185 residential properties in 2024, while Ukrainians purchased 144. The average value of housing purchased by Russians was 83.5 million forints, and by Ukrainians—35.6 million forints.
Thus, the average transaction value for these two groups was significantly below the projected threshold for the new tax, although some wealthy investors may own significantly more expensive properties or multiple types of assets.
The geographic distribution of foreign demand varies noticeably depending on the buyers’ nationality.
Germans primarily purchase homes in the western and southwestern regions of Hungary, particularly in the Somogy and Zala counties, located near Lake Balaton and the borders with Austria and Croatia.
According to data from 2025, foreigners accounted for 11.3% of residential property purchases in both counties. More than two-thirds of these transactions were made by German citizens. Buyers from the Netherlands, Austria, and Switzerland are also active in the local markets.
Citizens of Romania and Slovakia tend to buy real estate in border regions. Chinese, Vietnamese, Israeli, and Russian buyers primarily focus on Budapest.
In the Hungarian capital in 2025, foreign nationals accounted for 5.5% of all homebuyers. In the central districts of Pest—including Districts V, VI, VII, VIII, and IX—their share reached 13.2%.
Chinese citizens were particularly active in central Budapest, accounting for 3.5% of all residential property purchases in these districts. The share of Vietnamese and Israeli citizens was 0.8% each, Turkish citizens 0.7%, Russian citizens 0.6%, and French citizens 0.5%.
These statistics reflect the distribution of new purchases by nationality, not the overall structure of real estate already owned by foreigners.
The proposed wealth tax could have the greatest impact on owners of expensive apartments, commercial real estate, large investment portfolios, and stakes in Hungarian companies.
For most foreign buyers of standard apartments, the new tax—based on the proposed threshold of 1 billion forints—should not create additional obligations, provided that the total value of their taxable Hungarian assets does not exceed the established limit.
The final terms of taxation will depend on the version of the law adopted by the Hungarian Parliament.
The global copper industry will need approximately $332 billion in new investment in mining projects by 2050 to prevent a large-scale shortage of the metal, which could reach 20 million tonnes per year, or 44% of projected demand. This is stated in the Transition Metals Outlook 2026 study by analytical company BloombergNEF (BNEF), published on October 20, 2026.
According to the forecast, the global copper market could face a deficit as early as 2028, as the expansion of mining capacity lags behind consumption growth. The main drivers of increasing demand will be the electrification of transport, modernization of power grids, industrial development, and infrastructure construction.
BNEF analysts expect global copper consumption to increase by 61% by 2050 compared with 2026, reaching almost 46 million tonnes.
At the same time, demand for copper associated with the electrification of the economy will grow by 89%, to 23.3 million tonnes. Thus, these areas will account for more than half of global metal consumption.
Electric transportation will become the fastest-growing segment. Copper use in electric cars, electric trucks, buses, and related infrastructure will increase by 244%, reaching 11.4 million tonnes by the middle of the century.
Copper is essential for the production of electric motors, inverters, batteries, high-voltage wiring, and charging stations. In addition, the metal is widely used in construction, industrial equipment, electrical grids, and consumer electronics.
According to BloombergNEF estimates, existing global copper ore reserves are sufficient to meet long-term needs, but the problem lies in the insufficient pace of developing new deposits and expanding existing operations.
The average period from the start of project development to the commissioning of a new copper mine is approximately 17 years. As a result, even with the necessary $332 billion in investment, the metal shortage could persist until at least 2043.
Additional challenges arise from declining copper grades in mined ore, rising production costs, and insufficient funding for geological exploration in previous years.
Without new capital investment, global copper supply could decline by 14.5%, from 30 million tonnes in 2026 to 25.7 million tonnes in 2050. The development of copper scrap recycling will partially offset the decline in primary production but will not be able to completely eliminate the projected shortage.
Chile, according to BloombergNEF’s forecast, will retain its status as the largest producer of primary copper. However, production in the country could decline from 5.8 million tonnes in 2026 to 4.8 million tonnes in 2050.
Despite the decline in absolute production volumes, Chile’s share of global primary copper production could increase from 24% to 28%, as reductions in other countries will be more significant.
Analysts warn that a prolonged copper shortage could lead to higher global prices and increased costs for energy equipment, electric transportation, and infrastructure projects. In certain segments, manufacturers may be forced to make greater use of alternative materials.
Martin Tengler, head of metals and mining research at BloombergNEF, noted that the situation regarding the supply of raw materials to the global economy has changed significantly compared with previous forecasts.
According to him, the development of new production capacity and improvements in battery technologies have reduced the risks of shortages of most energy transition metals. However, the main challenge is becoming ensuring the availability of the necessary materials in specific regions and at the required times.
At the same time, copper remains the main exception to the overall trend of improving forecasts.
According to Transition Metals Outlook 2026, nine of the ten metals and materials studied could potentially have sufficient production capacity by 2050, provided investment continues and depleted reserves are replaced.
In particular, global lithium consumption is expected to nearly triple, from 1.6 million to 4.8 million tonnes of lithium carbonate equivalent, while demand for graphite will more than double, from 3.3 million to 6.9 million tonnes.
At the same time, the increasing adoption of lithium iron phosphate batteries is reducing the expected need for nickel and cobalt compared with previous forecasts.
China continues to dominate the processing of energy transition metals. According to BloombergNEF, for eight of the ten materials studied, more than half of global processing capacity is concentrated in a single country, and for seven of these materials, that country is China.
The Experts Club analytical center has produced a video overview of the world’s largest copper-producing countries and a comparison of copper production from 1971 to 2025.
