Ukraine’s economy contracted more than 30 per cent last year, with inflation soaring to more than 25 per cent.
More robust growth is predicted in 2024, but for now the economic impact of the war will continue to bite.financial support this yearAccording to the Rating Sociological Group, a third of people that had a job before the conflict are currently unemployed. For businesses that are still in operation, air alerts and power outages are a major disruption and a risk to employees.
However, efforts to encourage people to start their own businesses are underway. Grants awarded last year to encourage people to do so generated about 8,000 jobs, said director of the State Employment Center Yuliia Zhovtiak. But major issues in the labour market persist. She said the aviation and tourism sectors have been hit the hardest.
“Nowadays, it is more difficult for people to find work because employers' demand has decreased, and businesses cannot operate in war zones or on occupied territories. We have a lot of destroyed enterprises, more than a thousand were relocated from the combat zone to other regions of Ukraine,” said Ms Zhovtiak.
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