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There are a few more enterprises in Ukraine than in Europe, but their efficiency is 90% down.
Director of the Reform Support Team at Ukraine's Economic Development and Trade Ministry Denys Shemyakin has said the share of small- and medium-sized businesses in the country's gross domestic product (GDP) is 55%, while small-sized businesses account for a mere 16% of GDP.
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"The contribution of small- and medium-sized businesses to GDP accounts for 55%. But in another terms, the share of large- and medium-sized enterprises in Ukraine is 73% of GDP, that is, micro- and small-sized enterprises account for a mere 16% of GDP. The figure in Europe is twice as high," he said at the first national business forum "Industry4Ukraine" on June 25.
According to Shemyakin, there are a few more enterprises in Ukraine than in Europe, but at the same time, their efficiency is 90% down.
Today, the Economic Development Ministry needs to focus specifically on small- and micro-sized enterprises. First, to improve the business climate in order to make the Ukrainian products more competitive.
"To this end it is necessary to create conditions for the business climate, which means ease of doing business. We believe it's easy to do technically, just to climb in the Doing Business ranking. But this is not a universal recipe, because the indicator is measured at certain enterprises in [the capital city of] Kyiv. However, we need to talk about how to make the launch of a new production line easy. We mean this simplification, rather than how to register a private entrepreneur," Shemyakin added.
As UNIAN reported, Ukrainian President Volodymyr Zelensky earlier said his team would do their utmost so that Ukraine could join the Top 10 in the World Bank's Doing Business ranking in three or four years.
UNIAN memo. The growth of Ukraine's real gross domestic product in 2018 accelerated to 3.3%, a seven-year high, from 2.5% in 2017.
Ukraine's national budget for 2019 is based on a macroeconomic forecast with a 3% increase in real GDP.