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Deputy Economy Minister: Ukraine aims to reach pre-war levels of growth in 4 years

by Elsa Court and The Kyiv Independent news desk September 29, 2023 9:15 PM 2 min read
Deputy Economy Minister for Digital Development, Digital Transformations, and Digitalization Oleksii Sobolev. (Ukrinform)
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Ukraine aims for its economy to regain pre-war levels of growth in four years, Deputy Economy Minister Oleksii Sobolev said in an interview with Ukrinform on Sept. 29.

According to Sobolev, the Economy Ministry is striving to meet the goals of a four year plan to grow the economy "during Russia's aggression and after victory."

Though Ukraine's economy shrank by 30% in the first year after Russia launched its full-scale invasion, GDP grew by 19.5% year-on-year in the second quarter of 2023, signaling the economy’s successful adaptation to wartime conditions.

Sobolev expects further integration with the European Union and joining NATO will be a prerequisite for strong growth in the future.

The ministry is also shaping policy to encourage the eventual return of millions of Ukrainians currently living abroad in order to help economic growth.

People are the most valuable asset of the country," Sobolev said, adding that the government therefore needs "to create conditions so that people want to live in Ukraine and have the opportunity to develop, build a career, raise children, and be confident in the future."

Much of the ministry's plans therefore involve "strengthening human capital" through measures such as improving access to education, access to medical care, and the modernization of labor legislation.

"We are striving to create conditions for a decent life in Ukraine," Sobolev added.

Currently, as many as 25% of Ukrainians lack sufficient funds to buy enough food, Glavkom reported on Sept. 29, citing research by the Independent Association of Ukrainian Banks.

In October 2022, the World Bank reported that the poverty level in Ukraine has increased tenfold since 2021.

Ukraine’s economy grows year-on-year for first time since start of full-scale invasion
Ukraine’s gross domestic product grew by 19.5% year-on-year in the second quarter of 2023, signaling the economy’s successful adaptation to wartime conditions following last year’s collapse.
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