CEPR — VoxEU

What’s Next for Ukraine: Investment

Ukraine will emerge from the war burdened with massive debt, but experts Yuriy Gorodnichenko and Maurice Obstfeld argue that restructuring—potentially including outright forgiveness—is essential to attract private capital. They estimate a $40 billion annual investment gap, split between rebuilding destroyed assets, catching up with regional peers, and closing long‑term productivity gaps. The authors stress that the real challenge lies not in raising funds but in channeling them toward productive investment rather than consumption. EU accession momentum and secured borders could provide the credibility needed to shift investor perception toward growth‑oriented projects.