Directions and risks for the recovery of Ukraine in the context of European integration during the recovery period
Authors: Khaustova M.G. 
Published: July 2023

The work highlights directions for the restoration of Ukraine in the modern and post-war period. The main principles of the country’s recovery plan have been defined and analyzed, including the immediate start and gradual development of building up fair welfare, integration into the EU, restoration and building up of the economy for, the fight against corruption, and the stimulation of private investments. It has been determined that the institutional reforms discussed at the domestic and international level in Ukraine will become prerequisites for economic development, but appropriate measures aimed at the development of international trade and the attraction of direct foreign investment, the creation of a favorable business climate and an inclusive and sustainable financial system will also be required. For example, war risk insurance (similar to what is done by the World Bank-run Multilateral Investment Guarantee Agency (MIGA)) will be necessary to address security concerns that Ukrainian and foreign investors may have. While the process of preparation for the negotiations on Ukraine’s accession to the European Union continues, our country must carry out extensive preparatory work, including in terms of adapting national legislation to the norms of the Union, which, by the way, are also constantly changing, and prevent the occurrence of numerous risks along the way. Of course, steps must be taken to overcome existing problematic issues in politics and the country’s economy. Risks and ways to overcome them on the way to the implementation of the main planned tasks for the restoration of the state are outlined. The main challenges of recovery of Ukraine analyzed are the scale of recovery, availability of sufficient financial resources (outside the focus of this study), targeted funding of the best and most necessary initiatives (prioritization), efficiency of use of funds, and corruption. The following principles should be used for successful recovery: 1. Recovery should be managed by the authorities of the country in need of recovery. Neither international nor public organizations should replace the functions of state institutions; 2. The recovery of the country should be based on the economic recovery of the country. Financial aid should contribute to economic growth, not replace it; 3. Recovery should be fast and start as soon as possible, etc.The article analyzes that while the process of preparation for the negotiations on Ukraine’s accession to the European Union continues, our country must carry out extensive preparatory work, including the adaptation of national legislation to the norms of the Union, which, by the way, are also constantly changing, and to prevent the emergence of numerous risks along the way. Of course, steps must be taken to overcome existing problematic issues in politics and the country’s economy.It is emphasized that in order to restore the country after the war, integrate the economy into the European space and global value chains, Ukraine needs to implement a large-scale recovery program. According to the modern development of information technologies (big data, cloud technologies, high speed Internet coverage, modern satellite systems, etc.), the world has not seen reconstruction projects similar in scale to the future reconstruction of Ukraine. Therefore, Ukraine should create its own recovery model using the best principles of recovery of countries after natural disasters and military conflicts and using modern digital tools.