Economy

macroeconomics

Former minister – GDP will drop to 13-14% in Ukraine

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The Ukrainian economy will continue to slide the next year, former Minister of Economy, president of the Center for Market Reforms Volodymyr Lanoviy announced at a press conference, as ForUm reported.

“The GDP decrease will amount to 13-14% and continue to decline. I think this will be a long-term decline, not as in 2008,” he said.

The former minister explained this by the fact that the domestic producers are losing their markets in other countries.

“They are no longer able to sell their raw materials for export in the same amount as before. There are no those markets anymore which were in 2005-2006, as China, India and Brazil have risen and captured commodity markets of Asia. That is why Ukraine lost its markets,” said Lanoviy.

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