Ukraine’s Economic Outlook: Forecasts for the End of 2026

Together with the German Economic Team, we have asked leading Ukrainian and international analytical teams to share their outlook for Ukraine’s key macroeconomic indicators for 2026 and 2027.

As Ukraine enters the second half of 2026, its economy faces a new set of challenges. While macroeconomic stability has largely been preserved, the full-scale war continues, driving up defence financing needs. At the same time, external shocks, including uncertainty surrounding the Strait of Hormuz, are increasing inflationary pressures and adding strain to the hryvnia.

Representatives of analytical institutions :

Olena Bilan, Chief Economist at Dragon Capital Investment Company and Member of the CES Supervisory Board.
Oleksandra Betliy, Leading Expert, Institute for Economic Research and Policy Consulting (IER).
Dmytro Krukovets, Macroeconomic Analyst, KSE Institute.
Oleksandr Parashchii, Head of the Analytical Department, Concorde Capital Investment Company.
Olha Pindyuk, Economist, Vienna Institute for International Economic Studies (wiiw).

Comments and review of official forecasts:

Volodymyr Lepushynskyi, Deputy Governor, National Bank of Ukraine
Summary of the discussion by Garry Poluschkin, German Economic Team.

Moderator: Maria Repko, Deputy Director, Centre for Economic Strategy (CES).

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