Concorde Capital forecast for Ukraine’s GDP growth is 6% this year and no more than 3% in the future.

The Ukrainian economy will grow by about 6% in 2023, and in the future, economic growth will not exceed 3% per year, predicts the CEO of investment company Concorde Capital, Ihor Mazepa.

“We were not returned to the 1990s only because Western partners helped us economically and militarily. But we also did not take off due to a lack of reform and foreign investment, because a working mechanism for insurance of military risks has not yet been created,” said the businessman.

He also noted a significant increase in the public sector instead of privatization and continued pressure on business from the state. Economic growth is now driving consumer demand. In the next two to three years, he expects GDP growth of about 3% under the best-case scenario (primarily with maintained international support).

“Firstly, with the war, we have already lost 15% of the industrial and 20% of our human potential, i.e. consumers and labor force. Secondly, capital investments, accelerating labor productivity growth, are scarce during the war,” explained Mazepa.