The World Bank forecasts Ukraine's economy to grow by 3.2% in 2024. Last October, the bank expected GDP to grow by 4.0%.

"Ukraine's prospects remain quite uncertain. Growth is projected to be 3.2% in 2024 and 6.5% in 2025," the report says.

The World Bank expects "active hostilities to continue through 2024."

At the same time, the basic effects and one-time factors, including the crop harvest, will be leveled.

"The partial resolution of uncertainty in 2025 will contribute to the recovery of exports and a gradual increase in investment in reconstruction," the report says.

According to the World Bank, Ukraine's GDP growth rate increased by about 4.8% in 2023 after a sharp decline in the previous year. However, output remained about 30% below pre-invasion levels in 2023.

"Growth was underpinned by improved access to electricity, higher harvests, and additional government spending, albeit at the expense of widening fiscal and current account deficits," the report said.

Although the termination of the Black Sea Grain Initiative in July 2023 continues to put downward pressure on grain exports, "Ukraine has successfully identified alternative grain export routes that have supported the sector," the bank notes.

It should be noted that the Ukrainian government forecasts that GDP will grow by 5.0% in 2023. In 2024, it is expected to slow down to 4.6%.