Rebuilding Ukraine will require money, but also tough reforms

Ukraine suffered a brutal winter. Russia lobbed missiles at civilian and energy infrastructure, attempting to terrorise the population and cut off the green shoots of economic growth. It had some success. A sentiment indicator surveying Ukrainian firms hit a low in January. But as the country’s soldiers began their counter-offensive, so the economy pushed back. In April and May the sentiment indicator signalled economic expansion. Vacancies continue to rise, as businesses seek workers. Forecasts are increasingly rosy, too. Dragon Capital, an investment firm in Kyiv, expects gdp growth of 4.5% this year.