Ukraine Will Remain the Poorest Country in Europe

Translated by Ollie Richardson


The Ukrainian economy will not manage to recover from the losses incurred over the previous two years under the banner of the association with the EU. This was stated by Executive Director of the International Fund Bleyzer Oleg Ustenko.

“Next year, the Ukrainian economy is unlikely to change its model of economic growth and leave from an export-oriented model, based on which it tried to develop and live on for virtually all of its independence. In 2017 we will see economic growth in the range of 2%, which, unfortunately, is totally inadequate for a country that fell 17% in 2014 — 2015. At this rate of economic growth, Ukraine will remain one of the poorest, if not the poorest country in Europe. GDP per capita is just above $2000, which will increase migratory outflows from Ukraine,” the expert is convinced.

Synchronously with the representative of the International Fund Bleyzer, journalists from the influential American newspaper The New York Times wrote about the dubious benefit of the European integration for Ukraine. A free trade zone with the EU does not benefit Ukraine, according to the content of the NYT. The European Union established a low quota for their new partner for the sale of goods. 40% of Ukrainian exports are agricultural products, which Europe is in no hurry to buy. The New York Times writes that further European integration of Ukraine already is a big question. In addition, it is unknown whether the United States will support Ukraine under the new President Donald Trump.

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