Ukraine's economy has considerable potential for growth, and the Government will take measures to address the constraints, Prime Minister of Ukraine Volodymyr Groysman stated this during a Government meeting on Friday, 1 July.

"Growth could be much more. I do not see any objective obstacles except subjective ones. The potential of Ukraine is much more than this growth and living standard of people," said Volodymyr Groysman during considering the Outlook for the economic and social development of Ukraine for 2017 and key macroeconomic and social indicators of the development of Ukraine for 2018 and 2019.

"Inadequate governance, unreformed economy led to a tremendous fall and those shocks that we have today," he said.

Among the activities that will open opportunities to increase economic growth, Volodymyr Groysman called a favorable business climate, transparent privatization of state enterprises, the creation of a fair trial, the development of international markets, deeper product processing in Ukraine, investment in important sectors, such as construction, as well as modernization of enterprises. "Good governance will ensure success," he added.

So, speaking about legalization of the economy, Volodymyr Groysman said that last year nominal product was about 2.2 trillion. According to all experts, from 45 to 60% of the economy is in the shadow, the Prime Minister said.

Also, according to him, we should increase real wages and change the situation in the labor market. "We have to invest in job creation, and not compensation for unemployment," he emphasized.

Moreover, the public privatization of state-run enterprises will contribute to economic growth. According to him, this will enable to involve funds to the state budget, get an effective owner, quality product, competition, market price, new jobs for citizens and combat corruption in enterprises. The Prime Minister cited the example of Ukrspyrt. It is estimated that shadow market of alcohol makes up UAH 3.6 billion, he said.