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Building back better than before

Construction
It’s an old business maxim that every crisis presents an opportunity – and there is no greater crisis right now than the war in Ukraine. Buildings, roads and other essential infrastructure are being turned into rubble each day, and the time will come when all of this will have to be rebuilt. Despite there being no sign yet of any end to the war, many are already beginning to talk of the opportunities that reconstruction will offer – but how real are they?
The first question to ask is how Ukraine will ever be able to afford its reconstruction, especially given that it is ranked as the poorest country in Europe with a GNI per capita in 2020 of USD 3,540. And the costs of rebuilding are going to be phenomenal. “One of the lowest estimates I saw was from the Kyiv School of Economics, which was mainly for various types of buildings. In April 2023, it calculated the cost at around USD 150 bln. This estimate was actually on the low side, because this didn’t involve a broader look at business and social development, which is what the EU is doing with the Ukrainian government. Together with the European Bank, they came up with the figure of USD 400 bln in July this year. This sum includes both buildings and Ukraine’s further development to meet the terms of accession to the EU. The Ukrainian government believes that the cost will be higher and has prepared its own estimate, which was almost twice the amount, at around USD 750 b
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