Research Briefing | May 1, 2022

Policy challenges mount as war rages on

Policy challenges mount as war rages onAccording to early estimates, Ukraine’s GDP experienced a 40%-45% contraction in March in the wake of Russia’s invasion. In our view, the prompt response from Ukraine’s monetary and fiscal authorities, along with stronger fundamentals compared to the 2014-2015 crisis, helped cushion the blow from Russia’s invasion and likely prevented an even deeper economic drop.

What you will learn:

  • How direct debt monetisation by NBU became the main source of financing
  • Why the fiscal outlook remains challenging¬†
  • The impact on inflation and what this could mean for overall financial stability and growth¬†

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