Ukraine's economic potential — role of the Black Sea corridor
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Ukraine is showing strong economic growth despite the war. The opening of the Black Sea grain corridor was a key factor in this success, with exports growing by 15.2% in 2024.
This was stated by Yuliia Svyrydenko, Minister of Economy of Ukraine, at the Davos Breakfast.
Export capacity of Ukraine
Ukraine is regaining its economic potential faster than expected. After a significant drop in GDP of 30% in 2022, the country reported growth of 5% in 2023 and 3.6% in 2024. Going forward, the key challenge is to attract investment, particularly from U.S. companies, as this will contribute to stability and further integration into the global economy.
"We have opened the corridor and exports have grown, and even in terms of last year, these exports grew by 15.2%. And when we talk about the Ukrainian economy, it is vital for us that business comes in. In economic terms, we are doing better than the Russia," Minister of Economy said.
The minister also called on the business community to engage more actively in dialogue with the government, stressing that in order to successfully attract investors, Ukraine needs security guarantees and tougher international sanctions against the aggressor.
"The business community is optimistic that the active phase of the war may end this year, according to many experts," the official concluded.
As a reminder, Andy Hunder, President of the American Chamber of Commerce in Ukraine, told how global companies operate during the war in Ukraine at a panel discussion at Ukraine House in Davos.
We also wrote about how much Ukraine earned from agricultural exports.
