Reducing Inflation in Ukraine

by Olha Povaliaieva
Tuesday, February 15, 2022
Reducing Inflation in Ukraine

By the end of 2022, the government of Ukraine plans to achieve a reduction in inflation to 5%

On February 11, 2022, the presidium of the congress of local and regional authorities took place in the city of Kharkiv, eastern Ukraine. One of the lines of discussion was the country's economic situation and inflationary processes.

"On average, over the year, our wages increased by 21% and amounted to $490. It is important that the growth of incomes of Ukrainians exceeded the growth of inflation. By the end of the year, we have an understanding that we will stabilize the situation and reach the target of 5%", Yulia Svyrydenko, minister of economy.

The highest foreign currency GDP in Ukraine was in 2021 — $200 billion. The increase in total GDP was 3.2%.

According to Svyrydenko, international financial support helped Ukraine reduce the deficit of the country's consolidated budget to 3.5%. Thanks to this, government obligations to other countries fell below 50% of GDP.

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