Macroeconomy in war times:
Ukraine 2023-2025

The highest value of data analysis is that it does not allow you to hide anything
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In 2021

Capital Times released a macroeconomic forecast in which one of the scenarios was a full-scale invasion of Ukraine. And we were the only ones in the market to predict such a scenario

In 2022

We presented macroeconomic research on the 6th month of martial law and predicted the liberation of Kherson and unprecedented financial assistance from international partners

In 2023

We present macroeconomic research in which we provide a detailed overview of Ukraine’s economy and forecast 3 scenarios for the coming years


  • Ukraine in 2023
  • Military aspect – where we are now
  • Ukrainian economic recovery
  • Public finances and international assistance
  • The war has changed the structure of the Ukrainian economy
  • National Bank as a stabilizer of the economy
  • Expectations of the Currency Market Dynamics
  • Demographic crisis in Ukraine
  • Business in search of cheaper financing
  • Macroeconomic indicators
  • Scenarios for the end of martial law
  • Recommendations for business and investors
  • Scenario of military victory
  • Scenario of political victory, NATO guarantees
  • Frozen conflict scenario

Research price

250 €

we donate part of the funds from the research sale to the Children of Heroes Charity Fund


of high-quality, reasoned and professional content on the macroeconomics of Ukraine

testМонтажная область 4


is the estimated hryvnia exchange rate in 2024


Find out what are the options and timelines for ending the war

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Read under what conditions and when Ukraine will be able to reach the level of 2021

The information contained in this macroeconomic research (the “Research”) has been prepared by Capital Times Investment Company (the “Company”) to review the main trends and analyze and assess the macroeconomic situation in Ukraine for the recipients of the Research. The sole purpose of this Research is to help you form your own opinion on the current state of the Ukrainian economy, but nothing in the Research is intended to be the basis for any investment decisions or other evaluations and should not be considered a recommendation of the Company.

This Research and its contents are confidential and may not be copied, published, or disclosed to third parties without the prior written consent of the Company. Although this Research has been prepared in good faith, the Company does not warrant the accuracy or completeness of the information contained in this Study under any circumstances, and the recipient acknowledges that the Company cannot be held liable under any circumstances on the basis that one or more elements of the information contained in this Research may be found to be insufficient, incomplete, inaccurate or misleading.

The Company does not undertake any obligation to exercise any care in the care of any recipient of this Research or to endorse or confirm the accuracy, correctness, validity, or completeness of any statements or information provided by third parties and reflected in this Research. Accordingly, the Company shall not be liable for any direct or indirect loss or damage to any person resulting from the use of statements or references in this Research or any other written or oral information provided by any interested party or their agents, and any such liability is expressly disclaimed.

Distribution of this document in certain jurisdictions may be restricted or prohibited by law. Recipients are responsible for informing themselves of and complying with any such restrictions or prohibitions. The research is not intended to be a document subject to registration by any governmental authority in Ukraine or any other country. However, by accepting this document, recipients represent that they may receive it without violating any outstanding registration requirements or other prohibitions or restrictions in laws or regulations in the jurisdiction in which they reside or do business. The Company will not be liable to any person in connection with any violation of any outstanding registration requirements, prohibitions, or restrictions.

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