"Це дерево росте швидко."
Translation:This tree grows fast.
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It can mean 'wood' as a material, but obviously not in this sentence (because a tree becomes wood when it's cut, and then it can't grow).
It can't mean 'wood' as a 'forest' or 'grove', that would be ліс (default word for a forest, usually for a larger one), гай (for a smaller one), дібро́ва (oak-grove) or бір (coniferous forest).