Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth

World Bank

dc.creator	World Bank
dc.date	2012-03-19T10:24:21Z
dc.date	2012-03-19T10:24:21Z
dc.date	2010-08-31
dc.date.accessioned	2023-02-17T20:43:46Z
dc.date.available	2023-02-17T20:43:46Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20100927022217
dc.identifier	http://hdl.handle.net/10986/2905
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243261
dc.description	This report undertakes a comprehensive assessment of Ukraine's growth experience over the past decade. It shows how vulnerabilities were allowed to accumulate during the economic boom. And how growth, averaging seven percent annually between 2000 and 2008, was achieved without tackling Ukraine's well known weaknesses in the investment climate and public sector governance. The report also traces the emergence of large structural fiscal deficits and fiscal pressures since 2004, as buoyant revenues and terms of trade gains masked an increasingly unsustainable fiscal position. It shows how international excess liquidity allowed Ukraine to attract vast capital flows, intermediated through the banking system, while financial sector regulation remained inadequate. And it analyzes how a poor investment climate, low competitive pressures, limited innovation and slow structural transformation of the economy are all interlinked and perpetuate Ukraine's dependence on a few commodity based exports. Consequently, the report argues, the route to sustained recovery in Ukraine lies in deepening key reforms. The report carries out an in-depth diagnostic of Ukraine's growth drivers at the macro, sector and firm-level and derives key constraints to sustained growth from this analysis. The recommendations point to three main challenges that deserve priority attention if Ukraine is to re-launch its economy on a sustained growth path. First, Ukraine has to tackle its fiscal crisis to restore macroeconomic credibility and create fiscal space for investments needed to support private sector growth. Second, Ukraine needs to improve its investment climate and fix the financial system to attract private sector investment. Third, Ukraine needs to tackle the problems with public sector governance through deep public sector, judicial and administrative reforms. Since this is a large agenda, the analysis identifies short and medium term priorities. The report also argues that the key reforms highlighted above are closely interlinked and that cosmetic and halfway measures will not do.
dc.language	English
dc.publisher	World Bank
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	ADVANCED ECONOMIES
dc.subject	AGRICULTURAL COMMODITIES
dc.subject	ARREARS
dc.subject	BALANCE OF PAYMENTS
dc.subject	BALANCE SHEETS
dc.subject	BANK BORROWING
dc.subject	BANK OPERATIONS
dc.subject	BANK SUPERVISION
dc.subject	BANKING SECTOR
dc.subject	BANKING SECTOR ASSETS
dc.subject	BANKING SYSTEM
dc.subject	BANKRUPTCY
dc.subject	BARRIERS TO ENTRY
dc.subject	BENEFICIARY
dc.subject	BUSINESS ENVIRONMENT
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL INFLOWS
dc.subject	CAPITAL INVESTMENTS
dc.subject	CAPITAL STOCK
dc.subject	CASH BALANCE
dc.subject	COMMERCIAL BANK
dc.subject	COMMERCIAL BANK LENDING
dc.subject	COMMERCIAL BANKS
dc.subject	COMMODITY
dc.subject	COMMODITY PRICE
dc.subject	COMMODITY PRICES
dc.subject	COMPANY LAW
dc.subject	COMPLIANCE COSTS
dc.subject	CONFLICT OF INTEREST
dc.subject	CONSUMER DURABLES
dc.subject	CONSUMER PRICE INDEX
dc.subject	CONTRACT ENFORCEMENT
dc.subject	CORPORATE DEBT
dc.subject	CORPORATE GOVERNANCE
dc.subject	CREDIBILITY
dc.subject	CREDIT GROWTH
dc.subject	CREDIT POLICIES
dc.subject	CREDIT RISK
dc.subject	CURRENCY
dc.subject	DEBT ACCUMULATION
dc.subject	DEBT LEVEL
dc.subject	DEBT SERVICE
dc.subject	DEMOCRACY
dc.subject	DEMOGRAPHIC
dc.subject	DEPOSIT
dc.subject	DEPOSITORS
dc.subject	DEPOSITS
dc.subject	DEVALUATION
dc.subject	DEVELOPING ECONOMIES
dc.subject	DOMESTIC BANKS
dc.subject	DOMESTIC MARKET
dc.subject	DOUBLE TAXATION
dc.subject	DURABLE
dc.subject	DURABLE GOODS
dc.subject	ECONOMIC CRISIS
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ECONOMIC DEVELOPMENTS
dc.subject	ECONOMIC DOWNTURN
dc.subject	EMERGING ECONOMIES
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET ECONOMIES
dc.subject	EMERGING MARKETS
dc.subject	ENTERPRISE PERFORMANCE
dc.subject	ENTRY BARRIERS
dc.subject	EQUIPMENT
dc.subject	EXCESS LIQUIDITY
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATE REGIME
dc.subject	EXPANSIONARY FISCAL POLICY
dc.subject	EXPANSIONARY MONETARY POLICIES
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	EXPORT GROWTH
dc.subject	EXPORT SECTORS
dc.subject	EXPORTERS
dc.subject	EXTERNAL BORROWING
dc.subject	EXTERNAL DEBT
dc.subject	EXTERNAL FINANCE
dc.subject	EXTERNAL FINANCING
dc.subject	EXTERNAL FUNDING
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL INFORMATION
dc.subject	FINANCIAL MANAGEMENT
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SYSTEM
dc.subject	FIRM GROWTH
dc.subject	FISCAL DEFICIT
dc.subject	FISCAL DEFICITS
dc.subject	FISCAL POLICIES
dc.subject	FISCAL POLICY
dc.subject	FIXED CAPITAL
dc.subject	FIXED INVESTMENT
dc.subject	FOREIGN BANKS
dc.subject	FOREIGN CURRENCIES
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN DIRECT INVESTMENT
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN EXCHANGE RESERVES
dc.subject	FOREIGN EXCHANGE RISKS
dc.subject	FOREIGN INVESTMENT
dc.subject	FOREIGN INVESTORS
dc.subject	GLOBAL ECONOMY
dc.subject	GLOBAL TRADE
dc.subject	GLOBALIZATION
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT REGULATION
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	GROWTH RATES
dc.subject	GUARANTEE FUND
dc.subject	INCOME LEVEL
dc.subject	INCOME LEVELS
dc.subject	INCOME TAX
dc.subject	INFLATION
dc.subject	INFRASTRUCTURE INVESTMENT
dc.subject	INFRASTRUCTURE INVESTMENTS
dc.subject	INSURANCE
dc.subject	INTELLECTUAL PROPERTY
dc.subject	INTERNAL AUDIT
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INTERNATIONAL CAPITAL MARKETS
dc.subject	INTERNATIONAL FINANCIAL INSTITUTION
dc.subject	INVESTMENT CLIMATE
dc.subject	INVESTMENT CLIMATE REFORMS
dc.subject	INVESTOR CONFIDENCE
dc.subject	JOINT STOCK COMPANY
dc.subject	JUDICIAL SYSTEM
dc.subject	LABOR MARKET
dc.subject	LACK OF COMPETITION
dc.subject	LACK OF TRANSPARENCY
dc.subject	LAND POLICY
dc.subject	LAND TITLING
dc.subject	LEGAL IMPEDIMENTS
dc.subject	LEGAL SYSTEM
dc.subject	LEGISLATIVE FRAMEWORK
dc.subject	LIVING STANDARDS
dc.subject	LOAN
dc.subject	LOAN PORTFOLIO
dc.subject	LOCAL INVESTORS
dc.subject	LONG-TERM INVESTMENTS
dc.subject	MACROECONOMIC INSTABILITY
dc.subject	MACROECONOMIC POLICIES
dc.subject	MACROECONOMIC STABILITY
dc.subject	MARKET ACCESS
dc.subject	MARKET ECONOMY
dc.subject	MARKET REFORMS
dc.subject	MARKET SHARE
dc.subject	MATURITY
dc.subject	MATURITY STRUCTURE
dc.subject	MICRO DATA
dc.subject	MONETARY AUTHORITIES
dc.subject	MONETARY POLICIES
dc.subject	MONETARY POLICY
dc.subject	MONEY SUPPLY
dc.subject	MORTGAGE
dc.subject	MORTGAGE PORTFOLIO
dc.subject	MORTGAGES
dc.subject	MULTINATIONAL CORPORATION
dc.subject	NATIONAL BANK
dc.subject	NATIONAL SAVINGS
dc.subject	NATURAL RESOURCES
dc.subject	NEGATIVE SHOCKS
dc.subject	NON-PERFORMING LOANS
dc.subject	NPL
dc.subject	OIL PRICES
dc.subject	OUTPUT
dc.subject	OUTPUTS
dc.subject	PENSION
dc.subject	PENSION EXPENDITURES
dc.subject	PENSION FUND
dc.subject	PENSION REFORM
dc.subject	PENSION SYSTEM
dc.subject	PENSIONS
dc.subject	PERSONAL INCOME
dc.subject	POLITICAL ECONOMY
dc.subject	POLITICAL POWER
dc.subject	PORTFOLIO INVESTMENT
dc.subject	PORTFOLIO INVESTMENTS
dc.subject	POWER PARITY
dc.subject	PRICE STABILITY
dc.subject	PRICE VOLATILITY
dc.subject	PRIVATE CAPITAL
dc.subject	PRIVATE CAPITAL INFLOWS
dc.subject	PRIVATE DEBT
dc.subject	PRIVATE INVESTMENT
dc.subject	PRIVATE INVESTMENTS
dc.subject	PRIVATE SECTOR CREDIT
dc.subject	PRIVATE SECTOR GROWTH
dc.subject	PRIVATIZATION
dc.subject	PROPERTY RIGHTS
dc.subject	PROPERTY RIGHTS PROTECTION
dc.subject	PRUDENTIAL REGULATION
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC FINANCE
dc.subject	PUBLIC FINANCES
dc.subject	PUBLIC INVESTMENTS
dc.subject	PURCHASING POWER
dc.subject	REAL ESTATE
dc.subject	REAL EXCHANGE RATE
dc.subject	REGULATOR
dc.subject	REGULATORY FRAMEWORK
dc.subject	RETURN
dc.subject	RETURNS
dc.subject	RULE OF LAW
dc.subject	SAFETY NET
dc.subject	SAFETY NETS
dc.subject	TAX EXEMPTIONS
dc.subject	TAX POLICY
dc.subject	TAX RATES
dc.subject	TAX SYSTEM
dc.subject	TRANSACTION
dc.subject	TRANSPARENCY
dc.subject	TREASURY
dc.subject	TREATIES
dc.subject	TURNOVER
dc.subject	WAGE GROWTH
dc.subject	WORKING CAPITAL
dc.subject	WORLD TRADE
dc.title	Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth
dc.type	Economic & Sector Work :: Country Economic Memorandum
dc.coverage	Europe and Central Asia
dc.coverage	Europe
dc.coverage	Eastern Europe
dc.coverage	Commonwealth of Independent States
dc.coverage	Ukraine