Ukraine will develop conditions for maintaining army of over 500,000 people in 10 years – Ukrainian Minister of Economy

Ukraine has set a goal of increasing its GDP from US$161 billion to US$1 trillion in 10 years, as the country needs to have a strong army of more than 500,000 people and develop its social, education and healthcare sectors.

Source: Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economic Development and Trade, during a Ukraine Recovery Conference in London.

"Economic growth will enable funding of these sectors without critical burden on the budget," the First Deputy Prime Minister stressed.

Details: She added that the two main prerequisites for this are NATO and the EU, which will provide Ukraine with access to security and international institutional reforms.

She said the country aims to reduce the redistribution of GDP through the budget to 25%.

Svyrydenko noted that the local market for Ukraine's recovery and development would be worth more than US$500 billion over the next 20 years. Replacing Russian and Chinese exports to the EU also provides a market with a potential of over US$200 billion annually.

"[Additionally], we are working right now on a competitive tax system and focus on developing a modern labour market to meet challenges of post-war recovery of Ukraine," the First Deputy Prime Minister added.

Background:

Ukraine aims to increase its gross domestic product (GDP) to US$1 trillion in 10 years.

The Ukrainian Ministry of Finance estimated that Ukraine's GDP fell from over US$200 billion to US$161 billion in 2022. Growth to US$1 trillion in ten years means an annual increase of 20% in Ukraine's nominal GDP in USD.

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