Stepan Kubiv: The growth of GDP will accelerate to 3% according to basic macro scenario

On November 30, First Vice Prime Minister/Minister of Economic Development and Trade of Ukraine Stepan Kubiv spoke at the conference of the international rating agency Fitch Ratings, where he briefed the attendees on the macro forecast for 2018-2020.

While delivering a speech, Stepan Kubiv stressed that Ukraine had overcome the crisis after 2014 and moved to a stage of stability and growth. In 2017, Ukraine's GDP grew by 2.5% in the first quarter, by 2.3% in the second and by 2.1% in the third quarter, as compared with the same period of 2016.

"Despite the annexation of Crimea and Russia's aggression in eastern regions of the country, we managed to halt the sharp decline of the economy. And now we say confidently: Ukraine has emerged from the crisis, and its economy since 2016 became more stable. The GDP is growing for the seventh consecutive quarter," the First Vice Prime Minister underlined.

He emphasized that the positive dynamics of the key macroeconomic indicator proves the effectiveness of the course of reforms chosen by the Government.

"At present, almost all types of economic activities show growing tendency. This happens in the conditions of both high domestic investment and consumer demand , as well as the revival of external demand", he stressed.

Stepan Kubiv emphasized that starting from 2013, Ukraine has upgraded its positions in World Bank's ease of Doing Business ranking. instantly by climbing up to the 76 place. In 2013 Ukraine ranked the 112-th place in this rating. Moreover, the country switched from consumption policy to strategic development policy, including the opportunities for developing the digital economy and industry 4.0.

He added that economic growth and targeted measures aimed to raise social standards (in particular, minimum wages) enabled the country to ensure a significant increase in standards of living and, accordingly, purchasing capacity of the population. The export capacity of Ukraine is gradually improving in the context of the European integration.

"The Government is committed to continuing implementation of reforms in order to ensure economic growth and we expect positive economic growth - GDP growth by 1.8% by the end of 2017," underlined Stepan Kubiv.