Ukraine’s economy inspires optimism, hryvnia to remain below 40 to $1 USD, says Fiala

Tomáš Fiala, chairman and owner of investment company Dragon Capital
Tomáš Fiala, chairman and owner of investment company Dragon Capital

There are plenty of reasons to be optimistic about the Ukrainian economy despite the war with Russia, Tomáš Fiala, CEO of Dragon Capital*, told the NV Success Formula for Ukraine audience on Nov. 11, dispelling concerns.

“In 2023, we expect economic growth of 4.5%,” he said.

The National Bank of Ukraine predicts almost 5%.

“For 2024 we expect a growth rate of 4%, with government estimates hovering around 5%, these figures are promising.”

“Our inflation forecast for this year stands at 6%, well within the NBU's target range of 5% plus or minus 1%,” he added.

Highlighting NBU data indicating a decrease in inflation to 5.3% by Oct. 31, Dragon Capital foresees inflation reaching 8% by the end of 2024.

"GDP, reviewing absolute figures, in 2022 was at the level of $160 billion, the second-best in a decade, following 2021's record of $200 billion. The current year is set to hit $170 billion, with an expected rise to $190 billion next year," explained Fiala.

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The CEO also predicted that the exchange rate of the hryvnia to the dollar will be 37 hryvnias per dollar at the end of 2023 and 39 hryvnias per dollar at the end of 2024.

"The situation is very good," considering the situation, Fiala concluded.

*Dragon Capital is the owner of the NV magazine, the website, and NV Radio.

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