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  • Stepan Kubiv: Strong middle class will be formed due to structural reforms
    Ministry of Economic Development and Trade of Ukraine, posted 21 June 2019 11:04

    June 21, First Deputy Prime Minister, Minister of Economic Development and Trade of Ukraine Stepan Kubiv reported on the macroeconomic situation in the country during his speech at the Verkhovna Rada of Ukraine.

    "Despite the clearly positive trend, there still exist populist statements that economy grows slowly and it should be accelerated. Thus, in three years we provided +8.4% of GDP, and in those days the State Statistics Service has increased the preliminary estimate of GDP growth in the first quarter of 2019 from 2.2% to + 2.5%. This means that economy sees growth  for 13 consecutive quarters amid striking political  changes, political turbulence and the continuation of the actual war in the east of Ukraine, " the First Deputy Prime Minister stated.

    Stepan Kubiv stressed that due to far-reaching reforms in the economic sector the Government has managed to reduce the shadow economy up to 30% of GDP, which is 10 percentage points lower than in 2015.

    "The Government’s efforts influenced the life of ordinary citizens. The inflation is down to  8.8% in April 2019 with a steady increase in wages. Job search sites indicate that in April 2019  the average salary  in the private sector was almost $ 440. First of all, this means that the private sector has improved its business rates and is able to pay higher wages," Stepan Kubiv stated in his speech.

    The First Deputy Prime Minister stressed that s a result of structural economic reforms a strong middle class will be formed

    "Our next step is to balance the average incomes and expenditures of Ukrainian families: economic growth should envisage higher income, and modernization of the economy, support for the Ukrainian producer, and energy efficiency measures should provide lower cost for products," Stepan Kubiv added.