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It’s been a year since Russia invaded Ukraine. It destroyed the country in war. The country has suffered $35.6 billion in infrastructure damage and its gross domestic product is predicted to drop 35 percent by 2022, according to data source Statista.
Timofey Milovanov, recently president of the Kyiv School of Economics and Ukraine’s Minister of Economic Development, Trade and Agriculture, joins Yahoo Finance to discuss the challenges facing the country as it recovers from war and tries to rebuild. . (See video above)
“The war is not over. And I hope it ends soon, but it’s there now. You still have to run businesses,” he said. “How can we rebuild what has been destroyed now, realizing that it may be destroyed tomorrow?”
Despite the war, the Kyiv School of Economics, where Milovanov was the president, continued to work. The school recently upgraded its MBA program to what it calls an “MBA on the Front Line.”
“All parts are now fixed, let’s say, wartime economy or leadership and difficult conditions,” Milonvanov.
Milonov explained that the university operates with the support of European business schools (he visited DC, Boston and Chicago and was able to establish relations with top American universities).
“It’s always a faculty member in Ukraine who’s on the ground, who’s physically in residence, who understands what the war is like, and who gives a framework, a broad perspective, from some top university professional and international senior faculty,” he said. Milonov. “And I think it was very influential and extremely useful for students during the war.”
Milonov describes how Ukrainians cope with day-to-day life. First, despite the conditions of war, Ukrainians must continue to work (they stated that they operate schools, gas stations and investment funds, among other enterprises.) Second, Ukrainians must prepare for all eventualities and have emergency plans. . Third, he urged Ukrainians to look out for each other in difficult times.
“It’s about people. It is mutual support. It’s hugging each other. It’s like being human. It’s about loving,” Milonov said.
Milonov predicted that Ukraine would see three critical stages in rebuilding its economy. While the first is in progress, he says efforts to rebuild are already underway — according to Politico, Deputy Prime Minister Yulia Svidirenko said the country is already planning such efforts. Second, he said the country would see a “six-month phase” in which critical infrastructure including “housing, medical services, schools” would be built. Thirdly, he said that the country will focus on building its economy, joining the European Union and establishing democracy.
Milonov said there are challenges ahead. He estimates that it could take up to ten years to rebuild the country (Ukrainian President Volodymyr Zelensky says the job could cost more than a trillion dollars.) Still, he insists that the Ukrainian people are strong.
“Commitment is ready,” Milonov said. I think the difference between the first day of the war and the 36th day of the war – the commitment became very personal because we lost so many people who were close to us. “
Dylan Kroll He is a reporter and researcher at Yahoo Finance. Follow him on Twitter @CrollonPatrol.
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