Canadian Prime Minister Mark Carney announced the dissolution of parliament on Sunday and new elections on April 28.
“I have just asked the Governor General to dissolve parliament and call a federal election on April 28,” he wrote on social media site X.
“We must build the strongest economy in the G7. We must deal with President Trump’s tariffs. Canadians deserve a choice about who should lead these efforts for our country,” the prime minister emphasized.
Earlier, Experts Club and Maksim Urakin released a video analysis on the most important elections in the world in 2025 – https://youtu.be/u1NMbFCCRx0?si=AOtHGDT1kGNdZd2g
The article presents key macroeconomic indicators of Ukraine and the global economy in January-November 2024. The analysis is based on official data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the IMF, the World Bank, and the United Nations, on the basis of which Maksim Urakin, PhD in Economics, founder of the Experts Club Information and Analytical Center, presented an analysis of macroeconomic trends in Ukraine and the world. The key aspects of the report include the dynamics of gross domestic product (GDP), inflation, unemployment, foreign trade and public debt of Ukraine, as well as global macroeconomic trends.
Macroeconomic indicators of Ukraine
In 2024, Ukraine’s economy demonstrated moderate growth despite the ongoing challenges posed by the war and external economic factors. According to the Ministry of Economy of Ukraine, the country’s gross domestic product grew by 4.2% year-on-year in January-October 2024. In October, growth was 1.3% year-on-year. The main drivers of growth were construction, transportation, and manufacturing.
However, inflation remains a significant challenge for the economy. According to the State Statistics Service of Ukraine, annual inflation reached 12% in December 2024, accelerating from 8.6% in September. Consumer prices in December increased by 1.4% compared to November, when they grew by 1.9%.
“Inflation creates a significant burden on households and businesses. Combating price pressure requires thoughtful steps in monetary and fiscal policy,” Urakin emphasized.
The negative balance of foreign trade in goods in January-November 2024 increased by 3.6% compared to the same period in 2023, reaching $25.239 billion.
“This indicates high imports and insufficient export growth. It is necessary to strengthen support for exporters and develop strategically important industries to improve the trade balance,” said Maksim Urakin.
Ukraine’s international reserves increased by $3.863 billion or 9.7% in December and amounted to $43.788 billion as of January 1, 2025, according to preliminary data.
“The growth of reserves is due to the receipt of foreign currency from international partners, which in December exceeded the net sale of foreign currency by the National Bank and the country’s payments on foreign debts,” Maksim Urakin emphasized.
Global economy
Global economic activity remains heterogeneous. According to the International Monetary Fund, global economic growth in 2024 will be 3.1%. However, geopolitical instability, high interest rates, and slowing growth in key economies continue to weigh on the outlook.
The US economy is showing steady growth thanks to strong domestic demand. According to the US Bureau of Economic Analysis, the country’s GDP grew by 2.8% in the third quarter of 2024, driven by a 3.7% increase in consumer spending. The unemployment rate remained at 3.6%, indicating stability in the labor market. At the same time, inflation, although declining from its peak, remains at 3.9% year-on-year.
“The US economy remains the engine of global growth, but high interest rates and government spending cuts may slow its pace in 2025,” Urakin said.
The EU economy is showing weak growth rates. The forecast for 2024 has been lowered to 0.9%, and for the Eurozone countries – to 0.8%. Germany, the largest economy in the region, is under pressure due to the weakness of the industrial sector, where production fell by 1.2% year-on-year. Inflation in the Eurozone slowed to 4.2%, allowing the European Central Bank to consider easing monetary policy in 2025.
“The EU economy is facing a number of challenges, including the energy crisis and weakening external demand. These factors limit the potential for recovery,” Urakin emphasized.
India continues to demonstrate stable growth, remaining one of the fastest growing economies in the world. According to the Indian government, the country’s GDP will grow by 7% in 2024. The main growth drivers are the IT sector, industrial production and agriculture. Inflation remains under control at 5.2%, which allows the Reserve Bank of India to keep the key policy rate unchanged.
“India is strengthening its position as a global economic leader. Its steady growth and reforms in key sectors continue to attract significant investment,” Urakin said.
China’s economy grew by 4.6% in the third quarter of 2024, but the forecast for the year was lowered to 4.8% due to weak domestic demand and difficulties in the real estate sector. Corporate debt problems and slowing export growth continue to weigh on the economy.
“China is facing challenges that may limit its role in the global recovery. However, the measures taken to support the economy should reduce these risks,” Urakin added.
Economic indicators for Ukraine and the world in 2024 show a contradictory picture. GDP growth and positive signals from global markets are combined with inflationary risks and foreign trade imbalances. The global economy is also under pressure from many uncertainties.
“It is important for Ukraine to focus on structural reforms that stimulate export growth and attract foreign investment. Only sustainable development of key industries can ensure long-term economic stability,” summarized Maksim Urakin.
You can learn more about Ukraine’s foreign trade in 2024 in the video: https://www.youtube.com/watch?v=tFxad1mplE0&t
You can subscribe to the Experts Club channel here: https://www.youtube.com/@ExpertsClub
In 2024, Ukraine demonstrated an increase in foreign trade, but there are still problems that limit its opportunities in international markets. The lack of a sufficient number of enterprises with deep processing, complex logistics, and the impact of global economic processes pose serious challenges for Ukrainian business.
Maksym Urakin, founder of the Experts Club information and analytical center, and Yevheniia Lytvynova, president of the Ukrainian Exporters Club, analyzed the trends of 2024 and assessed the development prospects for 2025.
Trade balance: export growth but large deficit
According to experts, the total volume of Ukraine’s foreign trade in 2024 reached USD 113 billion, which is 13% more than in 2023.
Key figures:
Despite the growth in exports, the main problem remains a significant trade deficit. This indicates that the economy is dependent on imports, which puts additional pressure on the hryvnia exchange rate and requires finding new solutions to increase exports of high value-added products.
“Despite the positive dynamics of exports, Ukraine is still dependent on imports, especially in the field of technology and equipment. The negative balance remains a serious challenge for our economy,” said Yevheniya Lytvynova.
Main trading partners: Poland, Spain, Germany
Experts Club has compiled a list of Ukraine’s top 10 trading partners in terms of exports:
1. Poland – 4.7 billion dollars
2. Spain – 2.9 billion dollars
3. Germany – 2.8 billion dollars
4. China – 2.3 billion dollars
5. Turkey – 2.1 billion dollars
6. The Netherlands – 1.98 billion dollars
7. Italy – 1.93 billion dollars
8. Egypt – 1.6 billion dollars
9. India – 986 million dollars
10. Moldova – $935 million
“In 2024, Spain unexpectedly ranked second among importers of Ukrainian products. This is partly due to the high demand for Ukrainian products due to the migration of Ukrainians. However, it should be borne in mind that a significant portion of these exports is re-exported via European countries,” explained Maksym Urakin.
At the same time, China has traditionally been in the lead among Ukraine’s top 10 importers:
1. China – $14.4 billion
2. Poland – $7 billion
3. Germany – 5.4 billion dollars
4. Turkey – 4.72 billion dollars
5. USA – 2.86 billion dollars
6. Italy – 2.27 billion dollars
7. Bulgaria – 2.22 billion dollars
8. India – 1.88 billion dollars
9. Czech Republic – 1.78 billion dollars
10. France – 1.75 billion dollars
Export structure: Ukraine remains a supplier of raw materials
Food products account for the largest share of exports – about $25 billion. Other main products include metals (about $5 billion) and equipment ($4 billion).
“Ukraine continues to export mostly raw materials. This means that the main profit from processing and added value remains abroad. We need reforms that will allow us to develop domestic production and processing,” emphasized Yevheniya Lytvynova.
Import structure: machinery, chemicals, fuel
In 2024, the largest categories of imports were machinery and equipment ($25 billion), chemicals ($11.7 billion), and energy ($8.9 billion).
“The main share of imports is aimed at supporting business rather than the consumer market. This means that companies are actively upgrading production and importing machinery,” explained Maksym Urakin.
New markets: opportunities and obstacles
In 2025, many Ukrainian companies are planning to enter the markets of the Middle East, Africa and Asia more actively. In particular, a free trade agreement is expected to be signed with Turkey, which will make the country an even more important trading partner.
“Turkey is already one of Ukraine’s top five partners. If the FTA is ratified, we will see an even greater increase in trade turnover,” emphasized Yevgeniya Lytvynova.
At the same time, global protectionism and trade wars may create additional challenges. The United States has already begun to impose new duties on imports from Canada, Mexico and China.
“If the US imposes additional duties, it could lead to a chain reaction in global trade, and price increases will affect even Ukraine. Our companies should be ready to adapt to the new realities,” said Maksym Urakin.
What should Ukrainian businesses do?
When it comes to the main recommendations for exporters in 2025, the experts identified the following areas:
1. It is necessary to diversify markets by balancing exports to the EU with the simultaneous development of the Middle East, Asia and Africa.
2. Develop processing by reducing exports of raw materials and expanding sales of high value-added products.
3. Increase competitiveness by adapting production to the requirements of foreign markets.
4. Preparing for changes in global trade by adapting the strategy in response to possible duties and trade barriers.
“We have to learn to play by the rules of global competition. If Ukrainian exporters are not ready for changes, the market will be quickly taken over by someone else,” summarized Yevgeniya Lytvynova.
You can learn more about Ukraine’s foreign trade in 2024 in the video: https://www.youtube.com/watch?v=tFxad1mplE0&t
You can subscribe to the Experts Club channel here: https://www.youtube.com/@ExpertsClub
ECONOMY, EXPERTS CLUB, EXPORTERS CLUB, EXPORTS, IMPORTS, TRADE, URAKIN, ЛИТВИНОВА
Greenland ‘s pro-independence supporters have won the local parliamentary elections held the day before, Danish Radio reported on Tuesday.
With 100% of the votes counted, the Demokraatit (Democrats) party became the largest party in the 31-seat parliament, winning ten seats. The party adheres to a liberal ideology and advocates gradual independence. The second place was taken by the Nalerak (“Aspiration”) party, which also advocates the island’s independence. It will be represented in the local parliament by eight deputies.
The left-wing socialist party Inuit Ataqvatigiit (Eskimo Union), which was in power in Greenland before the election, was defeated, receiving only seven seats. Their partners from the Social Democratic Party “Siumut” (“Forward”) will be represented in the new parliament of Greenland by four deputies.
Two more seats were won by representatives of the liberal conservatives from the Atassut (“Solidarity”) party.
Voter turnout in the elections was 70.9%.
Meanwhile, although the Democrats received the largest representation in the new parliament of Greenland, they failed to gain a parliamentary majority of 16 seats, so they will have to start coalition negotiations.
Earlier, the Experts Club think tank and Maksim Urakin released a video analysis on the most important elections in the world in 2025 – https://youtu.be/u1NMbFCCRx0?si=AOtHGDT1kGNdZd2g
Polling stations have opened in Greenland, where elections to the local parliament are taking place on Tuesday, the Associated Press reports. Approximately 41 thousand residents of the island are eligible to vote.
The voters will have to choose from several parties, the favorites of which are two – the left-wing socialist Inuit Atakatigiiit (Eskimo Union), which is currently in power, and the social democratic Siumut (Forward).
In addition to them, representatives of the liberal Demokraatit (“Democrats”) party, the centrist Nalerak (“Aspiration”) party, which supports the island’s independence, and the liberal conservatives from the Atassut (“Solidarity”) party are competing for seats in the local parliament.
According to the BBC, a coalition of the Inuit Atakatigiit and Siumut parties currently controls the majority in parliament – 21 out of 31 seats. Both are in favor of independence, but the largest Inuit Atakatigiiit is in no hurry to hold a referendum, while Siumut promises to hold one in the next four years.
The announcement of the initial election results will begin immediately after the polls close, but the situation may be complicated by weather conditions, as a large part of the island is located in the Arctic zone. The time of the announcement of the final election results will also depend on this.
Observers note that the results of these elections should also reveal which way the island’s residents prefer: to remain a self-governing territory of Denmark, to choose a direction towards independence, or to listen to the statements of US President Donald Trump, who suggested that the Danish authorities buy Greenland.
The results of recent pre-election polls conducted by the Verian research company and regional media show that 85% of voters oppose becoming part of the United States, 6% are in favor, and 9% are undecided.
In addition, 60% of respondents are in favor of Greenland’s possible accession to the EU; 40% share the opposite opinion. The same results were shown in the 2021 survey. However, compared to 2021, the percentage of those who support parties that advocate independence from Denmark has now decreased from 80% to 69%.
Earlier, the Experts Club think tank and Maksim Urakin released a video analysis on the most important elections in the world in 2025 – https://youtu.be/u1NMbFCCRx0?si=AOtHGDT1kGNdZd2g
The eurozone’s GDP in the fourth quarter of 2024 increased by 0.1% compared to the previous three months, according to a report by the European Union’s statistical office, which presented revised data. Previously, it was reported that GDP remained unchanged. Experts on average expected the previous estimate to be confirmed, according to Trading Economics.
In annual terms, the eurozone economy grew by 0.9%, the fastest pace since the beginning of 2023. The dynamics of this indicator coincided with the previous estimate and the consensus forecast of analysts.
In the third quarter, eurozone GDP increased by 0.4% compared to the previous three months and by 0.9% in annual terms.
In October-December, Germany’s economy declined by 0.2% quarter-on-quarter, France’s by 0.1%, Spain’s by 0.8%, and Italy’s GDP remained unchanged.
In annual terms, Germany’s GDP also decreased by 0.2%, France’s by 0.7%, Spain’s by 3.5%, and Italy’s by 0.5%.
In the fourth quarter, the EU economy grew by 0.2% compared to the previous three months and by 1.1% in annual terms.
This is the second estimate of GDP dynamics for the fourth quarter out of three. The third estimate will be published on March 7. According to preliminary data, in 2024, the euro area’s GDP grew by 0.7%, and the EU’s by 0.9%.
Experts Club Analytical Center and Maksim Urakin released earlier video analysis about the economy of Ukraine and the world – https://youtu.be/LT0sE3ymMnQ?si=b_tVU8Zeg_-xZVEo.
Source: http://relocation.com.ua/vvp-yevrozony-v-iv-kvartali-zris-na-01/
