This policy response analyses the main consequences of Russia’s war against Ukraine, inflicting significant damage to Ukraine’s economy, undermining macroeconomic stability and degrading its productive capital. The policy response argues that Ukraine’s forward-looking recovery and reconstruction aspirations should ensure the right framework conditions and leverage international support, so that the recovery can be sustained and help make Ukraine’s economy stronger, greener and more resilient. It identifies key structural reforms needed, and suggests that “building back better” will require that Ukraine pursues priority reforms in areas such as investment, competition and judicial so as to allow the economy to seize new economic opportunities, diversify and become more productive and environmentally sustainable.