WORLD BANK ASSESSES POVERTY LEVEL OF UKRAINIANS

HomeNewsWORLD BANK ASSESSES POVERTY LEVEL OF UKRAINIANS

Ukraine remains one of the poorest nations in the region in terms of GDP per capita income, on the par with Moldova, Armenia and Georgia, observes a special World Bank report.

“Economic growth rates in Ukraine remain too low to reduce poverty and to have the population reach the income level of neighbouring European countries,” the document says.

The report states that the poverty level in the country so far remains higher than the pre-crisis levels. At the same time, Ukraine's GDP per capita at purchasing power parity is approximately three times lower than that of Poland, despite the same level of income back in 1990, experts point out.

“With the current rate of economic growth, it will take Ukraine over 50 years to reach the level of income of modern Poland”, - experts observe. In order to bridge the income gap with developed economies, Kyiv will have to do a lot of work, the report says. Earlier, the World Bank maintained its forecast of GDP growth at the level of 2.7% in 2019.

According to the World Bank’s Country Director for Belarus, Moldova, and Ukraine Satu Kahkonen, economic growth can be achieved only if Kiev lifts the moratorium on the sale of agricultural land, continues to take steps on the deregulation of the state Naftohaz and the gas sector, as well as take measures to combat corruption and accelerate judicial reform.

Today, about a third of the Ukraine’s population lives below the poverty line.