Level of shadow economy decreased to 35% - Ministry of Economic Development

Level of shadow economy decreased to 35% - Ministry of Economic Development

Ukrinform
In January-September 2016, the level of the shadow economy in Ukraine totaled 35% of official GDP, which is by 5 percentage points up year-over-year.

This is stated in a report developed by the Ministry of Economic Development and Trade.

According the ministry, the process of de-shadowing became possible due to certain factors: relative macroeconomic stability; business climate improvement as a result of compliance with the policy of deregulation and optimization of public sector functioning aimed at raising its efficiency, the renewal and development of new inter-industry connections in the economy.

"At the same time, the process of de-shadowing is restrained by problems, the solution of which has a negative impact on the indicators of country´s economy development as a whole. In particular, these are unfavorable foreign economic situation; the implementation of Russian trade and transit restrictions, financial risks in the context of the ongoing bank failures and shortfalls in credit funds from the IMF, and existence of uncontrolled territories,” reads a report.

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