12:11 09.11.2020

Ukrainian govt plans to increase dollar GDP by two-three times by 2030

2 min read
Ukrainian govt plans to increase dollar GDP by two-three times by 2030

The Cabinet of Ministers plans to increase Ukraine's dollar gross domestic product (GDP) from $136 billion at the end of 2019 to $300-460 billion by 2030, according to the "Vectors of Economic Development until 2030," published on the government portal on Friday.

It is noted that the real GDP in Poland at the end of 2019 reached $660 billion, in Turkey - $1.251 trillion.

The government also expects that nominal GDP per capita by 2023 will grow from $3,659 (at the end of 2019) to $7,300- $11,200.

It is noted that according to the results of the past year in Poland this figure was $15,595, in Turkey - $9,042.

According to the document, the Cabinet expects that in 2023 foreign direct investment (FDI) in Ukraine will increase to $15-23 billion (from $5.8 billion in 2019), while last year FDI in Poland was at $14.4 billion, in Turkey - $9 billion.

It is also expected that the export of goods and services from Ukraine will grow to $120- $160 billion by 2030 (from $67 billion in 2019).

For comparison: in Poland, this figure at the end of 2020 amounted to $324 billion, in Turkey - $236 billion, according to the "Vectors of Economic Development."

In addition, the government plans to increase public finances (expenditures from the budget and extra-budgetary funds) to $90- $140 billion in 2030, from $53 billion in 2019, as well as to increase labor productivity to $18.4- $26 billion from $8.286 billion.

The document also informs about the plans of the Ukrainian government to keep the cyclically adjusted budget deficit at the level of 2-3%, while at the end of 2019 this figure was at the level of 1.8%, and the budget for 2020 has a 7.5% deficit.

In addition, it is expected that the ratio of public debt to GDP will decrease to 30-40% from 50% of GDP at the end of last year (and from 50.3% of GDP set in the 2020 budget), as well as ensuring the optimal structure of public debt in terms of interest rates, maturity dates and currencies.

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