KYIV, Sept 12 – The recovery of Ukraine's real GDP next year after a 32% decline this year will be modest 4%, which is associated with the loss of physical assets and human capital, the ICU investment group predicts.

"The trend of Ukraine's economy is going to be nearly L-shaped for the foreseeable future… Ukraine suffered huge losses in the first months of russia's full-scale invasion. The economy clearly survived, but it is set to be facing numerous headwinds in the years to come," its analysts said in a macro update.