What should Ukraine in 5 years be like? CES presented the vision of economic development of the country

6 September 2018

Centre for Economic Strategy proposed its vision of necessary economic changes in Ukraine until 2023 year.

We would like to see the prosperity of Ukraine and well-being of its citizens ensured through the sustainable inclusive economic growth.

In 2023 year, Ukraine should reach the following indicators of structural changes:

  1. In Ukraine, management efficiency is estimated by the World Governance Indicators index to the average level for the countries of the region.
  2. GDP grows 5%+ each year. GDP per capita is more than $ 5,000.
  3. Macroeconomic environment is stable. Inflation falls below 6%. NBU maintains floating exchange rate of UAH.
  4. Ukraine credit rating reaches ВВ+, the next step is the “investment” rating.
  5. Ukrainian financial market is integrated to the EU market. Ukrainians could use the EU financial services on the common market.
  6. Majority of SOEs and all SOBs are privatized by 2022. Those remaining state-owned are governed in line with OECD principles.
  7. Agricultural land sales moratorium expires after the law is passed to establish the land market. The share of land owners is increasing, while the share of tenant farmers is decreasing. Lending on the security of land is growing. As a result, investments are rising, and the number of jobs in rural areas is increasing.
  8. Transport and energy market liberalized, over five players on each market. Competitive market-based price regulation in energy and transport services. All applications of business and the population for connection to the transport infrastructure and electrical grids are satisfied on time. More than 90% of the population are provided with regular services of affordable passenger transportation.

Almost for 5 years we have been gradually changing the system by advocating necessary reforms and drawing up the lists of priority laws to be taken.  Now the time has come for us to decide, how Ukraine should look like in the next 5 years, what major initiatives and roadmaps we need. Thus, at the beginning of a new political season and pre-election year we propose to imagine the future of our country through the prism of economy», – commented Hlib Vyshlinsky, Executive Director of CES, during his presentation of CES Manifest carried out in the framework of expert meeting of Club of Reformers on 5th of September, 2018.

The key objective of the meeting with the participation of representatives of authorities, reform offices, expert and analytical organizations, international institutions and foreign embassies was to develop a common vision – what steps should be taken first in the nearest years in order to achieve sustainable inclusive economic growth in Ukraine.