Ukrainian economic growth to help reduce its shadow sector – Danylyshyn

Ukrainian economic growth to help reduce its shadow sector – Danylyshyn

If Ukraine provides a stable economic growth, the level of its shadow economy will gradually decrease, Head of the Council of the National Bank of Ukraine (NBU) Bohdan Danylyshyn has said.

"What are the reasons for a high level of the shadow economy in our country? Corruption, excessive government regulations in licensable activities, high taxes, due to which business seeks to "go into the shadows"… If we can ensure a stable rate of economic growth, the level of the shadow economy in Ukraine will gradually decrease,” Danylyshyn wrote on his Facebook page.

He recalls that in 2018 Ukraine had the lowest level of the shadow economy in the last 11 years - 30% of GDP, which is 10 percentage points lower than in 2015.

"For almost 28 years of independence, the Ukrainian economic dynamics has been depending on the situation of raw materials and semi-finished products on the world markets. Therefore, we have to increase the production of high-value-added, high-tech and innovative products in Ukraine as quickly as possible,” Danylyshyn noted.


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