Our report underscores how Mazars continues to remain steadfast in its support for Ukraine.
The world is in flux. It was just barely recovering from the COVID-19 pandemic when the reverberating effects of the war in Ukraine caused seismic shocks across societies and economies. This conflict has weakened the world economy and led to higher inflation, higher interest rates and tightening global financing. In addition, the war has caused alterations in the geopolitical landscape and security, as well as disruptions to commodity markets and supply chains, endangering the stability of Europe and international systems and having a substantial impact on global food supplies, energy, and climate security.
The ongoing war is still a humanitarian, economic and environmental crisis. Last year, Ukraine’s GDP contracted by 29.2% as a result of millions of people being displaced within the country or fleeing abroad, as well as the crippling of the state’s infrastructure, energy and transport networks and critical sectors, notably agriculture and industrial commodities. Despite this, the Ukrainian government and people continue to demonstrate perseverance, restraint, national togetherness and dedication to recovery and reconstruction.
Ukraine has received unprecedented levels of material, moral and short-term macro-financial aid to maintain its financial viability. Businesses, investors and international donors have all pledged support for Ukraine’s long-term reconstruction efforts. In March 2023, a joint assessment by the World Bank, the European Commission and the Ukrainian government estimated that restoration and recovery would cost approximately US$411bn. This number will undoubtedly increase.
This escalating situation calls for going beyond maintaining the ‘survival mode’ and, in parallel, accelerating the groundwork for reconstruction. Reflecting on our work in Ukraine and discussions with many experts, Mazars has developed a perspective in our latest report, “Partnering for Ukraine’s Reconstruction”. The report identifies three imperatives to support Ukraine as it continues the process of reforming and sets out to implement a new strategic vision for its sustainable reconstruction: economics, collaboration, and digitisation.