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Institute for Economic Research and Policy Consulting www.ier.com.ua Ukraine: economic situation and key challenges Igor Burakovsky Head of the Board,

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Presentation on theme: "Institute for Economic Research and Policy Consulting www.ier.com.ua Ukraine: economic situation and key challenges Igor Burakovsky Head of the Board,"— Presentation transcript:

1 Institute for Economic Research and Policy Consulting www.ier.com.ua Ukraine: economic situation and key challenges Igor Burakovsky Head of the Board, Institute fro Economic Research and Policy Consulting Berlin, 25 March 2014

2 2 Institute for Economic Research and Policy Consulting www.ier.com.ua Economy today 2013: Zero economic growth 2013: Industrial output declined 2013: Agriculture growth by 13,7% 2013: Export (goods and services) declined by 7,6%, import by 7,4% 2013: Underexecution of budget revenues IndustryAs compared with 2012 Industry (total)95,3% Extracting industry100,4% Processing industry92,3% Electricity, gas, heating98,7%

3 3 Economy today: major characteristics 1. Recession in 2014. The question now: scale, time and consequences 2. High level of uncertainty. Lots of questions need to be apprehended. Crimea economic puzzle. 3. High level of volatility. “Small” factors may result in large fluctuations. 4. Military threat as economic challenge. 5. High expectations in the society. 6. Lack of political consolidation on economic issues. 7. Presidential elections as economic factor. Institute for Economic Research and Policy Consulting www.ier.com.ua

4 4 Economy today: challenges 1.Institutional challenge (secure functioning of economy, stabilization, reforms). 2.Fiscal consolidation. 3.Debt servicing. 4.Resuming cooperation with IMF. 5.Cooperation with Russia under current circumstances. 6.Political tensions. 7.Banking sector support. 8.Proper management of international financial support package. 9.Decentralization (solving puzzle of combining redistribution of powers with shortage of funds). 10. Social standards as economic and political challenge (social protection in the times of recession and political turmoil). Institute for Economic Research and Policy Consulting www.ier.com.ua

5 5 Institute for Economic Research and Policy Consulting www.ier.com.ua Дякую за увагу! Thank you! Contact information: Institute for Economic Research and Policy Consulting www.ier.com.ua institute@ier.kiev.ua 8/5-А Reytarska str., Kyiv 01034, Ukraine Phone +38-044-278-6360 Fax +38-044-278-6336

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