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Ukraine's Business Recovery Index Turns Negative for First Time Since 2023

Economic conditions deteriorate sharply as order portfolios collapse and business uncertainty deepens amid ongoing conflict.

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Pierre Dubois
· 2 min read
Photo: Government of Ukraine / Wikimedia Commons (Public domain)

Ukraine's Business Recovery Index fell to -0.11 in April 2026, its worst reading since March 2023.

Order backlogs have contracted to just 2.9 months, while medium-term business uncertainty has deepened significantly. The negative swing reflects the mounting economic toll of sustained warfare on Ukrainian enterprises.

Despite the dire headline numbers, the same survey found evidence of resilience in certain sectors and cautious business optimism about post-war reconstruction prospects, indicating conditional hope among entrepreneurs.

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