Articles Economics

Coronavirus continues to spread around the world. It inflicts an insidious blow not only on the population of about four dozen countries, but also affects the global economy unprecedentedly. International auditors predict pessimistic scenarios if it comes to a pandemic. UNIAN learned what awaits Ukraine in such conditions.

The Cabinet of Ministers launched a campaign to remove the labor market from the "shadow" and distributed UAH 4 billion in support of farmers, while Minister of Energy and Environment Oleksiy Orzhel announced a record reduction in gas tariffs – these are the key economic developments of the outgoing week.

It's been ten years since the start of the now-disgraced Viktor Yanukovych's presidential term and six years from the day he fled from the country. Let's recall this man's role in Ukraine's most recent dramatic history.

President of Ukraine Volodymyr Zelensky at a meeting with CEOs promised to protect "every penny invested," the State Statistics Service reported inflation down, while truckers blocked highways around Kyiv, demanding resignation of the infrastructure minister.

The U.S. Congress is drafting a new package of sanctions against participants in the Nord Stream 2 gas pipe project, that's if Russia eventually succeeds in completing it. They will affect European companies, including investors and also future recipients of Russian gas. UNIAN tried to figure out whether the U.S. would be able to sink Putin's project.

Amid opposition protests, Parliament started considering at second reading the land market bill, President Zelensky announced an "avalanche of investments" expected to flow into Ukraine, the government launched the Diia mobile application and an affordable loans program, while Ukrzaliznytsia signed a memo with a German railway carrier – these are the key economic developments of the outgoing week.

The hryvnia is back in the turbulence zone. The rate creeps up, but it's not easy to figure out whether it's a good or a bad thing. Experts ring the alarm. After all, in no way does the strong hryvnia as of year-end reflect the real situation in the Ukrainian economy.

The EU at a meeting of the Ukraine-EU Association Council noted reform progress and allocated assistance for the development of farming, the Cabinet changed leadership at Ukrzaliznytsia and the Social Insurance Fund, while the National Bank lowered the key rate to a three-year low – these are the week's main economic developments.

President of Ukraine Volodymyr Zelensky at the World Economic Forum in Davos jokingly promised to get foreign investors a "nanny" in Ukraine, the finance ministry made a new Eurobond issue worth EUR 1.25 billion at a record low rate, while the government applied new methodology in counting the country's population – these are the main economic developments of the outgoing week.

A five-year gas transit contract signed between Naftogaz of Ukraine and Russian Gazprom, signed at the end of 2019, will bring billions of dollars in revenues and give Ukraine time to boost own gas extraction and cut consumption. If Ukraine succeeds, this will allow the country to confront Russia on an equal footing.

Prime Minister Oleksiy Honcharuk filed a resignation letter in the aftermath of audio leaks from his alleged meeting, the National Bank following public outrage eased restrictions on individual entrepreneurs related to the personal use of business accounts, while the Verkhovna Rada adopted a number of important bills – these are the main economic developments of the past week.

Foreign trade deficit is on the rise in Ukraine, having already exceeded the psychological mark of $9 billion. Future prospects are also disappointing. What threats does this economic "hole" bring and how can it be patched?

Director of Defense Express Consultancy, Serhiy Zgurets, in an interview with UNIAN spoke about the main results of the domestic defense industry development in 2019, production of new weapons for the Ukrainian Army, and the challenges the new year is bringing.

Ukraine continued the transit of Russian gas to the EU, the State Statistics Service said inflation had fallen to a record low over the past six years, while the Cabinet of Ministers unveiled a draft new Labor Code providing for the liberalization of labor relations, albeit criticized by trade unions and experts – these are the main economic developments of the past week.

The past year was marked by more record crops of grains and oilseeds, the abolition of state monopoly on production of alcohol, and a high-profile bill set to launch historic land reform in October 2020 if adopted.

In 2019, Ukraine launched a large-scale reform of the tax and customs services, which became possible due to the reorganization of the Fiscal Service by dividing it into two agencies. The leaders of the new structures promise that Ukrainians will feel the changes as early as this year. Among them are payments of all taxes online, as well as the elimination of smuggling and queues at customs.

The growth of the Ukrainian economy in 2019 may become the highest in the last eight years, while inflation – the lowest over the past six years. The country's leading experts provided their economic forecasts for 2020 and identified key risks.

Ukraine concludes 2019 with small economic victories, grounds for high hopes, and reasons for certain disappointment. The upcoming 2020 may also be full of changes, and the declared reforms can thoroughly shake up the national economy.

The Ukrainian hryvnia has rapidly strengthened against the dollar and the euro, the state budget has fallen short of billions of target revenues, while public debt has grown by billions of dollars. How are these events connected, and what awaits the country's financial system and personal finances of Ukrainians in 2020?

Ukraine and Russia agreed on a new contract for the transit of Russian gas via the Ukrainian territory to the EU after the existing deal expires on December 31, 2019. The protocol of the future agreement was coordinated by the parties in Minsk on December 20. The formal signing of the contract is scheduled for December 29. UNIAN learned whether Naftogaz or Gazprom could be declared a winner.