World Bank sees growth of Ukrainian economy

After a shock period provoked by the loss of part of the territory and the war in eastern Ukraine, the country's economy began to grow. This is important, but not enough, World Bank Vice President Cyril Muller says.

He said in an interview with Ukraine's Mirror Weekly newspaper (ZN.UA) that now all international partners who help Ukraine overcome a difficult period are working to ensure the acceleration of economic growth.

"This is one of our key tasks. We need to deepen the transformations that have begun in the country, so that the pace of economic development has increased, and stabilization has been notable not only at the macroeconomic level, but also at the level of ordinary citizens, so that they feel that their lives have improved. That is why the issue of deepening economic changes is now relevant," he said.

In his opinion, there are key reforms that should be a priority for the government. Firstly, it is about completing the transformation of the energy sector. Secondly, one should not stop the reform of the banking sector. Of course, the most urgent issue here is the reform of state-owned banks. Thirdly, one of the engines of economic growth should be a more productive agricultural sector.

"Ukraine has a very important asset - significant reserves of fertile soil. We believe that today in the world there is a huge demand for agricultural products, in particular food products. Ukraine can become one of the world's leaders in this market," Muller said.

According to the State Statistics Service of Ukraine, the country's economy has been showing positive dynamics of development for the past eight quarters. Ukraine's real GDP grew by 0.4% in the fourth quarter of 2017 compared with the third quarter of 2017 and by 1.8% compared with the fourth quarter of 2016.

op