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  • After being on the verge of default Ukraine's economy is starting to recover, says the Prime Minister
    posted 16 November 2016 12:16

    Ukraine's economy is starting to recover, while the Government is paying every effort to maintain and accelerate that growth as well as reinvest it into the quality of people’s lives. This was stated by Prime Minister of Ukraine Volodymyr Groysman on opening a Government meeting on Wednesday.

    The Prime Minister noted that recently the International rating Agency Fitch had upgraded long-term Issuer default rating (IDR) of Ukraine.

    Also, the country's GDP in third quarter of 2016 as compared to the same period of last year improved by 1.8%.

    After being on the verge of default, the country had managed to find the way out and it is a good signal that Ukraine’s performance improved in this ranking, Volodymyr Groysman accentuated.

    The Prime Minister noted that as a result of military aggression Ukraine had faced extraordinary challenges: part of the territory had been temporarily occupied, and all the traditional markets closed by the enemy.

    He also added that economic policy failures had led to the situation when Ukraine had to address challenges with a weakened economy and an empty budget. During 2.5 years the Government, the Parliament and the President had to stabilize the situation through unpopular actions and decisions.

    Nowadays, after the collapse in GDP the country's economy from the beginning of 2016 is demonstrating a growing tendency – from +0.1% of GDP in first quarter up to 1.8% in third quarter, explained Volodymyr Groysman.

    "It means just one thing: Ukraine has endured, and our goal is to make this growth sustainable and fast”, said the Head of Government, adding all these imply normal jobs, decent wages, competitive Ukrainian product.

    According to Volodymyr Groysman, people won’t feel this improvement at once, it will take time. The Government is engaged in work to ensure sustainable economic growth.

    “And our policy, the policy of the Government is to generate resources through economic growth and invest them into improvement of people’s lives," explained Volodymyr Groysman.