site stats
Tuesday, May 24, 2022
HomeEconomyThe Ministry of Finance of Ukraine spoke about the "critical blow" to...

The Ministry of Finance of Ukraine spoke about the “critical blow” to the country’s economy

The head of the Ministry of Finance of Ukraine Marchenko announced “painful measures” in the event of a prolonged special operation

The suspension of all maritime exports due to a special operation in Ukraine will be a critical blow to the country’s economy, writes The Economist.

According to journalists, Ukrainian Finance Minister Serhiy Marchenko gives overly optimistic forecasts for the development of the state economy, based on data before the special operation. Until February, the economy showed an annual quarterly growth of almost seven percent, the population was not greatly affected by the coronavirus, good international prices were formed for the export of grain, iron and steel.

Now, many companies continue to pay their employees wages, even if they are unable to work as usual. “Before the start of the conflict, Ukraine’s debt was less than 50 percent of GDP,” the publication said.

Related materials:

However, according to World Bank forecasts, in 2022 Ukraine’s GDP will decrease by 45 percent. Marchenko recalled that customs payments accounted for a significant part of tax revenue from the state budget. Another problem that the minister called salaries to the military. “Each month of hostilities costs Ukraine about five percent of its depleted GDP,” Marchenko said.

According to the head of the Ministry of Finance, if the special operation is extended for another three or four months, “painful measures will be required.” It could be huge tax increases and drastic spending cuts, he said.

In March, the deputy head of the country’s National Bank, Serhiy Nikolaychuk, said that the Ukrainian economy is halving under current conditions.



Source: lenta.ru

*The article has been translated based on the content of lenta.ru. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!



RELATED ARTICLES

Most Popular

Recent Comments

doctor strange in the multiverse of madness movie online doctor strange in the multiverse of madness movie online doctor strange in the multiverse of madness movie online doctor strange in the multiverse of madness movie online doctor strange in the multiverse of madness movie online
%d bloggers like this: