World Bank: Ukraine’s Economy Needs to Grow Faster
The World Bank forcasts the Ukrainian economy will grow by 2.7 percent this year
Photo from Reuters
The World Bank said that Ukraine’s economy needs to grow faster.
Despite increases in wages and the growth of remittances from Ukrainians working abroad, investors are holding back on investing in the Ukrainian economy due to the uneven progress of reforms, uncertainty associated with elections, and the high cost of borrowing, a World Bank press-release reported.
Despite political uncertainty, the World Bank forecasts the Ukrainian economy will grow by 2.7 percent this year.
According to Satu Kahkonen, World Bank Country Director for Belarus, Moldova, and Ukraine, the most important reforms for Ukraine include rule of law and property rights’ protections, land reform, governance and supervision in the financial sector, competition in the gas sector, and logistics and connectivity to fully leverage external trade opportunities.
“In order to accelerate economic growth, Ukraine needs swift progress on key unfinished reforms. This includes opening the agricultural land market, unbundling the energy sector, strengthening governance of state-owned banks, making progress on anticorruption, and safeguarding fiscal stability,” she said.
|Source||World Bank Press Office|