It's been one year since Russia invaded Ukraine, leaving the country devastated by war. Ukraine has sustained $35.6 billion in damages to its infrastructure and its GDP has been forecast to fall 35 percent in 2022, according to data-firm Statista.
Recently, Tymofiy Mylovanov, the president of the Kyiv School of Economics, and former Minister of Economic Development, Trade, and Agriculture of Ukraine, joined Yahoo Finance to discuss the challenges facing the country as it tries to adapt and rebuild in the face of war. (See video above)
“The war has not ended. And I hope it will end soon, but it is now there. You still have to run businesses,” he said. “How do we rebuild what's been destroyed now, understanding that it might be destroyed tomorrow?”
Despite the war, the Kyiv School of Economics, where Mylovanov is president, continues operations. The school recently updated its MBA program to what it calls an “MBA on the Front Line.”
“All classes are now adjusted, let's say, with the wartime economy or leadership and extreme circumstances,” Mylonvanov said.
Mylonov explained that the university runs with the assistance of European business schools (he's also visited DC, Boston, and Chicago to establish relationships with top American universities.) Mylonov said that professors from foreign universities collaborate with professors from the Kyiv School to give students particularly rich instruction.
“It's always a faculty member in Ukraine who is on the ground, who is physically in residence, understands what the war is like, and a professional and international top faculty from some top university who gives frameworks, who gives a broader perspective,” said Mylonov. “And I think the most influential and extremely beneficial for students during the war.”
Mylonov described ways Ukranians cope with life day to day. The first, he said, is that despite wartime conditions, Ukrainians must continue to work — He noted schools, gas stations, and investment funds, among other enterprises, have continued operating. Second, Ukrainians should prepare for all eventualities and have contingency plans in place. Third, he reminded Ukrainians to care for each other in trying times.
“It's about people. It's about supporting each other. It's about hugging each other. It's about being a kind of person. It's about loving,” Mylonov said.
Mylonov also predicted that Ukraine would see three critical phases for rebuilding its economy. The first, he said, was underway with efforts to rebuild in progress — Deputy Prime Minister Yulia Svydyrenko says the country is already planning such efforts, according to Politico. Second, he said that the country would see a “six-month stage” where “critical infrastructure including "housing, medical services, schools" would be reconstructed. Third, he said, the country would focus on completely rebuilding its economy, joining the EU, and forging a democracy.
Mylonov said there were challenges ahead. He speculated that it could take up to a decade to rebuild the country (Ukrainian President Volodymyr Zelenskyy says the task could cost over a trillion dollars.) Still, he asserted that the Ukrainian people are resilient.
“Determination has set in,” Mylonov said. “I think the difference between the first day of war and the 36th day of war— that the determination has become much more personal because we have lost so many people who are close to us.”
Dylan Croll is a reporter and researcher at Yahoo Finance. Follow him on Twitter at @CrollonPatrol.
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
