World Bank: Ukraine will need 50 years to reach Poland’s economic level
According to the World Bank’s vice president for Europe and Central Asia, Cyril Muller, without necessary reforms and having current GDP growth rates, Ukraine will need 50 years to reach Poland’s current economic level, reported Economichna Pravda with reference to a World Bank study on the economic development of Ukraine.
According to Muller, in 2017 the total net worth of the three richest individuals in Ukraine exceeded 6% of Ukraine’s GDP.
“It is almost twice as much as in Russia and three times more than in Poland. The ratio of the wealthiest people’s income versus GDP has not changed much since 2007. This limits access to economic opportunities that can unlock the full potential of human capital, “says a World Bank study.
The World Bank study says that the major factors constraining the economic development of Ukraine are excessive debt, heavy dependence on commodity markets and limited integration into the global economy, late start of reforms, the pursuit of excessive profits and lack of commitment to the rule of law.
According to the World Bank, the priority reforms in Ukraine should be tax reform, improved logistics, as well as the lifting of the moratorium on the sale of agricultural land. In addition, it is important to carry out reforms of the judicial and Antimonopoly Committee.