Ukraine’s GDP Triple in 10 Years and Reach $450 Billion

Tuesday, June 15, 2021
1 MIN
Ukraine’s GDP Triple in 10 Years and Reach $450 Billion

This figure is stipulated by the National economic strategy plan, approved three months ago, said Kirill Krivolap, advisor to the prime minister of Ukraine and executive director of the Center for economic recovery

According to him, the strategy must be based on 7% of real GDP growth annually. This, in turn, means that GDP should triple in 10 years.

"It is more than 10% now. The government has already budgeted for 5% in the coming years, and we need to improve this figure further. It is updated annually. That is, the tools that have already been implemented, already give 5%. And for us to get 7% growth, we need to expand the functionality of economic incentives, which are applied," said Kryvolap.

According to his information, usually, the countries, which increased their GDP, increased expenditures on medicine and social security by 3,5 times.

Reminder:

In January-April 2021, Ukraine's GDP decline slowed to 0.2%.

The Ministry of economy worsened its expectations of real GDP growth from 4.6% to 4.1% in 2021 and from 4.3% to 3.8% in 2022. 

The IMF has updated economic forecasts for the coming years and improved its assessment of the global economy to 6% in 2021, while in Ukraine the Fund expects GDP growth of 4%.

The World Bank has raised its forecast of Ukraine's gross domestic product growth in 2021 from 3% to 3.8%. 

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