Ukraine aims to increase GDP in USD by 6.2 times in 10 years – conference in London
Ukraine aims to increase its gross domestic product (GDP) to US$1 trillion in ten years.
Source: Yulia Svyrydenko, First Vice Prime Minister and the Minister of Economy of Ukraine, at the Ukraine Recovery Conference held on 21 June in London
Details: According to the Finance Ministry of Ukraine,in 2022, the GDP of Ukraine decreased from over US$200 billion to US$161 billion. A rise to US$1 trillion in 10 years means an annual 20% increase in the nominal GDP of Ukraine in dollars.
Svyrydenko noted that the rebuilding of Ukraine will require from US$500 billion to US$900 billion, a significant part of which will be covered by private investments.
"It will make the economy of Ukraine powerful and raise the living standards to those of Europe," she stated.
Svyrydenko clarified that for this, the Ukrainian government plans to facilitate the freedom of business, reduce redistribution through the budget to 25%, and place an additional load on businesses.
She called for strategic partnership for achieving these goals.
Svyrydenko added that Ukraine also aims to implement a green transition, increase the production of green energy, and create full cycles from extraction to the production of finished products from critical materials.
"It is crucial to implement the transition from former Soviet routes to European ones," Svyrydenko added, naming the development of river transport as one of the priority tasks.
Background: The Multilateral Investment Guarantee Agency (MIGA) of the World Bank group started providing guarantees for the insurance of military risks in Ukraine. It is the first project of this kind.
The military risk insurance programme for investments into the Ukrainian economy from MIGA will give a green light to those entrepreneurs who are waiting for an opportunity to start working on the rebuilding of Ukraine.
Ukraine will prepare a medium-term plan for reconstruction in conjunction with the EU. This plan will unite the necessary investments and reforms not only for the help in reconstruction but also for "green" and digital transformation of the economy, as well as the reforms Ukraine needs for its accession to the EU.
The EU promises to cover 45% of all financing needs of Ukraine by 2027.
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