Ukraine needs ‘radical’ reform to sustain war effort, warn economists

Ukraine’s budget deficit is predicted to hit 22% of GDP this year. Photograph: Oleg Petrasyuk/EPA

Ukraine’s government needs to overhaul its tax and spending policies or risk an economic crisis that could “cripple its ability to sustain the war effort”, according to a group of leading economists.

With inflation racing to more than 20% and a debt crisis looming, President Volodymyr Zelenskiy must introduce reforms to stabilise the economy’s shaky foundations, they warned.