Since the beginning of Russia’s full-scale invasion in February 2022, Ukraine’s economy has become a case study in wartime resilience, adaptation and transformation. The toll has been immense: infrastructure destruction, displacement of labour, disrupted trade routes and budget deficits have shaken the country’s economic foundation. Yet amidst adversity, Ukraine has demonstrated a remarkable capacity for endurance and reform. By mid-2025, a clearer picture is emerging—not only of the costs of wa