Minister: Ukraine wants to build 500,000-strong military

Ukraine aims to increase its gross domestic product (GDP) from $161 billion to $1 trillion in ten years, among other reasons to maintain a 500,000-strong military, European Pravda cited Economy Minister Yuliia Svyrydenko on June 22.

The higher budget will also be used to develop the social sphere, education, and healthcare, Svyrydenko said at the Ukraine Recovery Conference (UCR) 2023 in London.

"Economic rules allow financing these activities without critically burdening the budget," commented Svyrydenko, who also serves as a deputy prime minister.

She noted that NATO and the EU should play an important role in this plan as they can help Ukraine with security and institutional reforms.

The State Statistics Service reported a GDP drop of 31.4% in the fourth quarter of last year. According to the Economy Ministry, however, the economy began recovering faster than expected in the first quarter of 2023.

Ukraine's partners have pledged billions in financial aid to Ukraine at the UCR 2023, hoping to aid the country in its reconstruction and revitalize its economy.

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The Kyiv IndependentAnna Myroniuk