The world Bank has predicted the Ukrainian economy one hundred years the race for the neighbors

© Flickr / Shiny TPT-apartment of the world Bank in Washington. Archival photoThe world Bank has predicted the Ukrainian economy one hundred years the race for the neighbors© Flickr / Shiny Things

At the current rate of GDP growth Ukraine will take another hundred years to catch up with other European countries, said world Bank regional Director for Ukraine, Belarus and Moldova satu Kähkönen in interview to the edition «Economic truth».

She noted that Ukraine still has not overcome the consequences of the crisis of previous years.

«Income per capita is still lower than the corresponding figures for 2014-2015,» — said the expert.

According to Kähkönen, now there is also the risk that reforms in the country will stop because of the elections or even «will unfold in the opposite direction».

The Ukrainian economy after the events of 2014 is in decline: the key sectors do not develop, stops operating the largest plants. Kiev is trying to carry out economic reforms, taking loans from the IMF, which ultimately affects the welfare of citizens — housing prices continue to rise, wages and pensions are still low. The situation is also deteriorating due to the unprecedented level of corruption, the growth of the shadow sector, the severance of economic relations with Russia and policies in respect of Donbass.

External debt of Ukraine has grown for 2016 and 2017 18.9 and 10.9 percent, respectively, and in just five years — since the beginning of 2013 until the beginning of 2018, the debt to GDP ratio has almost doubled: from 36.6 to 71,8 per cent.

As stated by the head of the IMF mission Ron van Ore, the Ukrainian economy will take a generation to catch up with Europe.

In turn, the former Governor of the Odessa region Mikhail Saakashvili noted that under favorable conditions, Ukraine will again reach the level of 2013, only twenty years later.