Can Ukraine Recover? What Will it Take to See War Torn Country Prosper Once Again?

By Liam Weller

The war in Ukraine continues to cripple the lives of thousands of families and the stability of the country. Since the war began, there has been a fall in Ukraine’s GDP by 29%. The World Bank in September of 2022 estimated the recovery was at $349 Billion, however as of March 2023, that number has increased to $411 Billion, continually rising as the months pass. The question in circulation asks, how are they going to recover?

On June the 21 – 22 2023, a joint conference was hosted by both the UK and Ukraine in London called, Ukraine Recovery Conference (URC 2023) discussing the actions that were going to be taken to rebuild the country. Many from the international community attended this event, including an array of global businesses who announced their backing towards the country’s long recovery.

The UK continues to show financial support with loans of up to £3 billion to help kick start the Ukrainian economy as reported by gov.uk, bringing the total of non-military assistance to more than £4.7 billion. Whereas nearly 500 companies from across the world such as Google, Virgin, Hyundai Engineering and Citi are only some of companies that are also giving their support; all combined are net worth more than $5.2 trillion.

Prime minister Rishi Sunak gave a speech in the early hours of the morning on the 21st of June, praising Ukraine for its economy, describing it before the war as “The breadbasket of Europe.” Going on to say that “The opportunity is still there today.” As Ukraine has been known as a top exporter of iron ore and steel. President Zelensky thanked the UK government for the support they have been providing since the invasion began in February 2022

There have been many calls to the UK government regarding the state of the countries own financial problems. With the cost of living, energy and inflation all on the rise, making it tougher on British families to make ends meet. With students and other workers having to take on extra jobs to pay debts and bills and Many key services continue to threaten strike action. There are many issues that pressure the Prime Minister that stem closer to home.

In more recent days, a bridge has been left unusable after an attack, which served as a connection between Ukraine to the Crimean Peninsula, signifying that there is still yet to be a sign of an end on the horizon. Until a conclusion has been met, there will continue to be a rise in destruction to buildings and infrastructure. However, the support of Ukraine’s allies continues to remain steadfast as the invasion continues into its second year. It is their vital contributions that will give Ukraine the help it needs to prosper once again. The Ukraine Recovery Conference is next scheduled to be held in Germany in 2024.