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What should never have happened is happening again. Eternal glory to those who died in the struggle for humanity and a peaceful life

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Invincible When United: MIM Business School and the Serhiy Prytula Foundation

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MIM’s Professor Discusses Ukrainian Business Education in Wartime

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From Ukraine to the USA: The Journey of MIM’s Alum Farmer's Milk Coffee Shop in Hollywood, Miami

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Empowering Collaboration: MBA Students and NGOs Catalyze Growth and Impact

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MIM Renews Its Face-To-Face Meetings With Oleksandr Sudarkin Masterclass 

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Resilience in Education: MIM's 35th MBA Intake Navigates Challenges and Seeks Transformation

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Crisis and Resilience: A Deep Dive into Ukraine's Economic Landscape Amidst War

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"THERE ARE NO TASKS THAT CANNOT BE SOLVED," SENIOR EXECUTIVE MBA CLASS 2022 MAIN LESSON LEARNED

News of the business school

First-year students of the Senior Executive MBA cohort engaged in a compelling dialogue with Viktor Pynzenyk, a former Minister of Finance and twice Minister of Economy. The focal point of discussion was Pynzenyk's forthcoming book, "Popular Economics: How to Understand the Economy and Love It." Originally intended for an earlier release, the book's publication plans were reshaped by the extensive invasion of 2022.
Explaining the intricacies of his work, Pynzenyk described it as a substantial piece, crafted in simple language despite the unavoidable incorporation of the wartime period's impact on the narrative. The book reflects on what he terms a "dramatic recession" experienced by the Ukrainian economy in 2022, drawing parallels with the 1994 recession fueled by the preceding "fire" of hyperinflation in 1993. Such economic challenges, unprecedented in the country's history, necessitated adjustments to the text.
Pynzenyk elaborated on the Ukrainian economic landscape of 2023, noting a noteworthy recovery despite the earlier setbacks. Key points from his lecture included:
·       Economic Recovery: Despite a -10.5% downturn in the first quarter of 2023 due to the statistical base effect, subsequent quarters exhibited positive growth. Pynzenyk anticipated the year-end GDP to be around 6%, considering it an unexpected and positive surprise for a nation embroiled in conflict.
·       Low Inflation: Notably, the country witnessed unprecedentedly low inflation, contrary to the projected 27-28% in the 2023 budget. With 5% annual inflation achieved during the year, this marked a departure from the typical 10% inflation experienced in more peaceful times like 2021.
·       Stable Exchange Rate: Despite a 35% devaluation of the Ukrainian hryvnia, 2022 showcased a stable exchange rate. The hryvnia's relative strength, considering inflationary processes, made it a more attractive instrument than the US dollar during the year.
·       Foreign Exchange Reserves: Ukraine boasted an unparalleled foreign exchange reserve of $40.5 billion, maintaining its growth even in the first year of war. With a coverage of six months of imports and 75% of short-term external liabilities, the government met its obligations.
·       Banking Sector Resilience: The banking sector, while experiencing a reduction in the number of banks from 260 to 63 over a decade, remained stable. Despite nominal loan growth during the war, adjusted for inflation, lending volumes decreased. Banks redirected funds through deposit certificates, allowing them to weather the storm with a reserve cushion of UAH 120 billion.
·       Defense Spending Surge: Ukraine's defense spending skyrocketed from 10-11% until 2022 to nearly 100% in 2023. In a stark departure from pre-war years, the country allocated funds equivalent to 22% of GDP for defense. The surge was fueled by both domestic taxes and unprecedented foreign aid, including $12.5 billion from the United States.
In conclusion, Pynzenyk's insights painted a vivid picture of Ukraine's economic resilience amid the challenges posed by the conflict, offering a unique perspective on the nation's financial trajectory.

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Crisis and Resilience: A Deep Dive into Ukraine's Economic Landscape Amidst War

"THERE ARE NO TASKS THAT CANNOT BE SOLVED," SENIOR EXECUTIVE MBA CLASS 2022 MAIN LESSON LEARNED

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