At present, Ukraine's HIV/AIDS epidemic is among the fastest growing in Europe, with officially registered new HIV cases having doubled over 2000-2004. Official data suggest Ukraine may be on the brink of the generalized epidemic phase. In the medium term, the study forecasts that HIV/AIDS will have a significant impact on economic growth, investment and social welfare, life expectancy, and population growth. The longer-term impact could be even more devastating. Prevention and treatment programs must target as a priority young people, women, and the worst-infected regions of Ukraine.