Macroeconomic planning and forecasting in the conditions of war: challenges for Ukraine

Abstract

Introduction. The challenges facing the Ukrainian economy are unprecedented and require detailed research and analysis to identify effective solutions and management methods that have brought positive results, as well as identify problems and bottlenecks that require improvement and have promising development prospects. The purpose of the paper is to analyze the economic challenges of martial law. In view of the specified purpose of the paper, the tasks of the paper are to clarify the peculiarities of the adaptation of the economy to the conditions of war, as well as to determine the aspects of post-war economic development. Results. Economic policy plays a key role in providing the armed forces with the necessary resources. Effective budget management and maximum use of available financial and economic resources are of strategic importance to meet the needs of defense and national security. Sound fiscal planning, economic diversification, and reforms aimed at supporting domestic entrepreneurship can help reduce economic vulnerability during conflict. Economic policy also plays an important role in post-war reconstruction. Investments in rebuilding economic infrastructure, supporting business and creating new jobs are important elements in restoring social and economic well-being, creating new jobs and stimulating economic growth. Recovery and development are possible only if there is an effective fiscal, investment and financial policy that takes into account the physical, geographical, economic, environmental and social characteristics of each region. Support of economic growth and financial stability should be the main priority of monetary policy. Conclusions. In the conditions of armed aggression of the Russian Federation, an effective economic policy not only accumulates the resources necessary for the country’s defense, but also lays the foundations of stability and recovery, allowing the country to successfully face difficult challenges.