An Open Appeal to President, Chairman of the Parliament and Prime Minister of Ukraine urging to change the economic policy in order to protect national interests, ensure economic development and improve the standard of living in Ukraine
Draft Resolution of the Rada on Anti-crisis Economic Development PlanViktor Halasiuk, PhD
DRAFT RESOLUTION registered under No. 6346 of April 12, 2017
On the Change of the National Economic Policy to Ensure Protection of National Interests, Economic Growth, Poverty Reduction and Higher Standard of Living in Ukraine
The full-scale financial crisis in Russia erupted in August 1998 made a blow to the President Lukashenko domestic and foreign policy. However, a year-by-year worsening of the domestic economy due to maintaining a system of command economy led to a crisis in Belarus already in the first quarter of 1998. The crisis in Russian spilling over through trade channel only additionally aggravated economic situation in Belarus. The paper briefly characterizes the economic system in Belarus prior to the first quarter of 1998 and then analyzes consequences of the Russian financial crisis on the Belarussian economy.
Authored by: Rafal Antczak, Stanislav Bogdankiewich, Pavel Daneiko, Krzysztof Polomski, Vladymir Usowski
Published in 2000
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
When Victor Yanukovich won Ukraine’s presidential election in February 2010, it marked the official end of the Orange Revolution. Soon after taking office, Yanukovich managed to form a loyal parliamentary coalition in a legally dubious way and, consequently, appointed his ally Mykola Azarov as Prime Minister. Indeed this decision may have made state governance more predictable and even provided for shortterm economic stability, but it may have come at the expense of Ukraine’s democratic freedom and long-term economic prospects.
Authored by: Dmytro Boyarchuk, Vladimir Dubrovskiy, Olga Kravets, Kateryna Ruskykh
Published in 2010
Draft Resolution of the Rada on Anti-crisis Economic Development PlanViktor Halasiuk, PhD
DRAFT RESOLUTION registered under No. 6346 of April 12, 2017
On the Change of the National Economic Policy to Ensure Protection of National Interests, Economic Growth, Poverty Reduction and Higher Standard of Living in Ukraine
The full-scale financial crisis in Russia erupted in August 1998 made a blow to the President Lukashenko domestic and foreign policy. However, a year-by-year worsening of the domestic economy due to maintaining a system of command economy led to a crisis in Belarus already in the first quarter of 1998. The crisis in Russian spilling over through trade channel only additionally aggravated economic situation in Belarus. The paper briefly characterizes the economic system in Belarus prior to the first quarter of 1998 and then analyzes consequences of the Russian financial crisis on the Belarussian economy.
Authored by: Rafal Antczak, Stanislav Bogdankiewich, Pavel Daneiko, Krzysztof Polomski, Vladymir Usowski
Published in 2000
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
When Victor Yanukovich won Ukraine’s presidential election in February 2010, it marked the official end of the Orange Revolution. Soon after taking office, Yanukovich managed to form a loyal parliamentary coalition in a legally dubious way and, consequently, appointed his ally Mykola Azarov as Prime Minister. Indeed this decision may have made state governance more predictable and even provided for shortterm economic stability, but it may have come at the expense of Ukraine’s democratic freedom and long-term economic prospects.
Authored by: Dmytro Boyarchuk, Vladimir Dubrovskiy, Olga Kravets, Kateryna Ruskykh
Published in 2010
Synthesis and Foreign Policy Debates, Nr. 6, June 2016Lina Grau
The Newsletter Synthesis and Foreign Policy Debates is produced by the Foreign Policy Association of Moldova in partnership with Friedrich-Ebert-Stiftung (FES). The programme is part of the FES/APE “Foreign Policy Dialogues” Project. The content can be reproduced by mentioning the source. The materials are realized by Lina Grau, foreign policy expert and programme coordinator with APE.
Topics of the edition:
1. Signe Burgstaller: The systemic high level corruption is a major obstacle for the political and economic development
2. Nicu Popescu: Brexit - any internal weakening of the EU has a negative effect on the Eastern European geopolitics
3. Iulian Groza: The current political climate is not favouring an advancement in the relations with the EU
Transition economies lecture on institutions & UkraineDave Dalton
Slides for my lecture on transition economies at UCLSSEES: institutional prosperity theory (Acemoglu and Robinson), applied to Soviet, Chinese and Ukrainian growth. The thread is: reform lags explain Ukraine’s weak growth and rise of oligarchy; rent-seeking oligarchs use wealth to extend reform delays; privatisation boosts oligarchs’ wealth, the source of their political power. Also: Effect of civil society on institutional development.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Presidential elections-2015 will direct all political processes in Ukraine for next 2 years. As Ukraine moves toward presidential elections in 2015, the media is still a long way from providing good quality objective, balanced and varied information to help voters make an informed choice.
Why to Invest in Poland?
Here you can access the written report http://www.scribd.com/doc/17930054/International-Business-Why-to-invest-in-Poland-Report
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The paper briefly discusses the main economic developments in Poland since its accession to the EU in May 2004 and sees how they relate to the regulatory environment and policies which the EU imposes on the member states. Even though the paper concerns the recent period of 2004-2006 there are frequent references to developments that took place in Poland in the pre-accession period. This is because the country’s integration into the EU economy was a gradual and lengthy process which had formally been initiated in December 16, 1991 when Poland and the EU signed the Europe Agreement.
Authored by: Ewa Balcerowicz
Published in 2007
Synthesis and Foreign Policy Debates, Nr. 6, June 2016Lina Grau
The Newsletter Synthesis and Foreign Policy Debates is produced by the Foreign Policy Association of Moldova in partnership with Friedrich-Ebert-Stiftung (FES). The programme is part of the FES/APE “Foreign Policy Dialogues” Project. The content can be reproduced by mentioning the source. The materials are realized by Lina Grau, foreign policy expert and programme coordinator with APE.
Topics of the edition:
1. Signe Burgstaller: The systemic high level corruption is a major obstacle for the political and economic development
2. Nicu Popescu: Brexit - any internal weakening of the EU has a negative effect on the Eastern European geopolitics
3. Iulian Groza: The current political climate is not favouring an advancement in the relations with the EU
Transition economies lecture on institutions & UkraineDave Dalton
Slides for my lecture on transition economies at UCLSSEES: institutional prosperity theory (Acemoglu and Robinson), applied to Soviet, Chinese and Ukrainian growth. The thread is: reform lags explain Ukraine’s weak growth and rise of oligarchy; rent-seeking oligarchs use wealth to extend reform delays; privatisation boosts oligarchs’ wealth, the source of their political power. Also: Effect of civil society on institutional development.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Presidential elections-2015 will direct all political processes in Ukraine for next 2 years. As Ukraine moves toward presidential elections in 2015, the media is still a long way from providing good quality objective, balanced and varied information to help voters make an informed choice.
Why to Invest in Poland?
Here you can access the written report http://www.scribd.com/doc/17930054/International-Business-Why-to-invest-in-Poland-Report
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The paper briefly discusses the main economic developments in Poland since its accession to the EU in May 2004 and sees how they relate to the regulatory environment and policies which the EU imposes on the member states. Even though the paper concerns the recent period of 2004-2006 there are frequent references to developments that took place in Poland in the pre-accession period. This is because the country’s integration into the EU economy was a gradual and lengthy process which had formally been initiated in December 16, 1991 when Poland and the EU signed the Europe Agreement.
Authored by: Ewa Balcerowicz
Published in 2007
En esta presentación vamos a introducir los conceptos básicos sobre Derecho de Autor (copyright), prestando especial atención a las obras y recursos publicados en el entorno Web.
At the end of this 90 minute session patient/ family/ advisors/ champions as well as health providers/ leaders/ authorities will leave with at least one practical idea to apply to patient advisor training as a result of their increased understanding of:
Current training programs and models in use across Canada
Training needs of patient advisors at different system levels
Gaps in training needs and ideas on how to fill them
Available supporting resources and leading practices
Основні показники соціально-економічного розвитку України (2015 рік)Viktor Halasiuk, PhD
Довідкова інформація на засідання Комітету ВР з питань промислової політики та підприємництва 15 лютого 2016 року, присвячене звіту Міністра економічного розвитку і торгівлі
Відкрите звернення до Президента, Голови Верховної Ради та Прем’єр-міністра України щодо зміни економічної політики для захисту національних інтересів, розвитку економіки та підвищення рівня життя громадян України
Subscribed 2016: SaaS Application Architecture DefinedZuora, Inc.
Gain best practices on how to architect a scalable ecosystem by checking out leading SaaS subscription businesses as they unveil their reference architectures.
Have you defined your reference architecture? Would you like to hear perspectives from three experts who have? How does your application footprint compare to the current and future state application ecosystem at Box, Dell, and Zuora? Come explore how these organizations are leveraging Zuora and other cloud technologies to fill critical business needs.
Check out Zuora Academy for more actionable advice for finance, marketing, tech, operations, product, and more. All the info you need to build and run an amazing subscription business: https://www.zuora.com/academy/
Closed Economies, Autarchy – Failure and Economic DisasterNicolae Sfetcu
Autarchy is an economic system in which the state refuses any commercial connection with the outside, solely relying on its own resources. In an autarchic economy, the state does not participate in the international economic life, is not part of any regional and/or global economic organization and does not export or import goods. The characteristics of a closed, autarchic economy are: 1). the state does not take into account the progress of the world economy, 2). the state lacks involvement in the international economy, 3). economic independence is pursued by drastically reducing or canceling imports and exports, 4). the state solely relies on its own resources. This economic system can lead to: a). a pronounced economic decline, due to the impossibility of the state to provide the necessary goods and services for the population’s livelihood, b). a decrease in national incomes, considerable decrease in GDP, c). an increase in the state’s access to domestic natural resources, which in turn leads to an increased chance of their depletion, d). social instability.
CUNOAȘTEREA ȘTIINȚIFICĂ, Volumul 1, Numărul 2, Decembrie 2022, pp. 46-51
ISSN 2821 – 8086, ISSN – L 2821 – 8086, DOI: 10.58679/CS50603
URL: https://www.cunoasterea.ro/closed-economies-autarchy-failure-and-economic-disaster/
Economic growth in Albania: Influencing Factors yesterday, today and tomorrowALTAX Consulting
According to the annual report of the Bank of Albania, for the years 1980 to 1990, the average economic
growth was at 0.9%. The largest economic downturn it is in the year 1990 at a level of -10%. The largest
economic growth it is in the year 1989 at a level of 9.8%. For the years 1991 to 2000, the average
economic growth was at 1.3%. The largest economic downturn it is in the year 1991 at a level of -28%. The
largest economic growth it is in the year 1999 at a level of 13.5%.
For the years 2001 to 2011, the average economic growth was at 5.3%. The slowed economic growth it is
in the year 2011 at a level of 3.1%. The largest economic growth it is in the year 2001 at a level of 7.9%.
Economic growth of past three decades of the Albanian economy is growing at an average 2.5%.
Based on the data of the last thirty years (one third of the life of the Albanian state) economy in this paper
will be presented in reference to significant economic and political factors that affect economic
development.
Which way to choose - European Prosperity or Trade StabilityIBStudy
How students saw the integration opportunities for Ukraine. Ukraine's European integration vs. integration to customs union leaded by Russia. Findings of master`s level students at International Business English Language Program, National Technical University "Kharkiv Polytechnic Institute" 2013.
The book defines the concepts of oligarchs, de-oligarchization and their peculiarities in Ukraine, examines the causes and conditions of the emergence of oligarchs in Ukraine, critically analyzes the anti-oligarchic legislation of Ukraine, in particular in comparison with the relevant acts of some other states, and outlines the peculiarities of its implementation and other anti-oligarchic measures of the state.
The author provides conclusions and recommendations that can be used in further implementation of the de-oligarchization policy by representatives of the state authorities (in particular, the President of Ukraine, members of the Parliament of Ukraine, members of the Cabinet of Ministers of Ukraine, the National Security and Defense Council of Ukraine, officials of the Antimonopoly Committee of Ukraine, the National Bank of Ukraine, the National Energy and Utilities Regulatory Commission, the State Property Fund of Ukraine, prosecutors and law enforcement agencies, and judges of the High Anti-Corruption Court).
Tobacco products, in particular cigarettes, are a traditional contraband article. The reason is plain to see: a great part of the price of the end product is
accounted for excises and taxes. Therefore, depending on the tax policy of different countries, the price of a pack of cigarettes of the same brand may differ
several-fold. It is quite natural that both residents of border territories, who pass
small batches of cigarettes for sale, and representatives of criminal networks
are trying to make money from this.
A large tax component in the price and relatively low cost incentivize another
type of illegal activity – the manufacturing of counterfeit products and/or the
use of tax evasion schemes in the manufacturing of tobacco products.
On the other hand, from the point of view of the state, tobacco taxes are one of
the main sources of replenishment of the treasury. For example, the budget of
Ukraine for 2020 assumed 57 billion UAH of excise tax revenues from tobacco
products produced in the country and another 1.45 billion – from imported ones.
This is 5.9% of the budget revenue or 11% of the total expected tax revenue for
the current year 1
. Besides the abovementioned amounts, we should also add
the factor of attracting foreign currency to the country – the revenues from the
export of tobacco products from Ukraine in 2019 amounted to $497.1 million.
A Theoretical Statistical Measurement Model Analysis on Human Capital Economi...paperpublications3
Abstract: The purpose of this paper is to examine the main issues which effect the economic growth and the poverty in Bulgaria in relation with rate of human capital growth.
The assumption that in the modern world poverty isn’t a concept associated with the shortage of income is grounded. At its core the poverty is an expression of lack of opportunities for the person. The interest in it is completely understandable, because poverty is perceived as the most important social problem, in which all significant existential questions and challenges to the social sciences are focused virtually.
Комплекс першочергових заходів зі зміни економічної та монетарної політики для захисту національних інтересів, розвитку економіки, подолання масової бідності та підвищення рівня життя громадян України
Проект Рекомендацій парламентських слухань "РОЗВИТОК ПІДПРИЄМНИЦТВА В УКРАЇНІ...Viktor Halasiuk, PhD
Проект Рекомендацій парламентських слухань "РОЗВИТОК ПІДПРИЄМНИЦТВА В УКРАЇНІ ТА ПІДТРИМКА МАЛОГО І СЕРЕДНЬОГО БІЗНЕСУ", затверджений Комітетом Верховної Ради України з питань промислової політики та підприємництва
Лист Галасюка Голові ВРУ щодо проведення "економічного дня" у парламентіViktor Halasiuk, PhD
Необхідно негайно провести «економічний день» у Верховній Раді України, який присвятити законопроектам, спрямованим на настворення умов для залучення інвестицій в реальний сектор економіки, забезпечення високопродуктивних робочих місць та подолання безробіття, а також стимулювання виробництва й експорту продукції з високою доданою вартістю і відповідного підвищення соціальних стандартів в Україні.
Пропозиція Уряду щодо запровадження промислової політики як інструменту реіндустріалізації та розвитку національної економіки шляхом залучення інвестицій в реальний сектор, стимулювання високотехнологічного експорту, подолання безробіття та створення нових високопродуктивних робочих місць з гідною заробітною платою
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Role of Information Technology in Revenue - Prof Oyedokun.pptx
New Economic Policy Framework
1. Open Appeal
to the President, Chairman of the Parliament and Prime Minister of Ukraine
urging to change the economic policy with a view to protect national interests,
ensure economic development and improve the standard of living in Ukraine
Over the past 25 years, the Ukrainian economy has contracted by 35%.
According to the World Bank, it is the worst result in the world. Of the 166 countries
which had their GDP data available for the years of 1991–2014, there are only 5
countries whose GDP in 2014 decreased compared to 1991. Ukraine with its 35%
decrease has "outstripped" Moldova (-29%), Georgia (-15.4%), Zimbabwe (-2.3%)
and the Central African Republic (-0.94%). GDP of other countries increased: with
the slowest growth in Barbados (8.9%) and Tajikistan (10.6%). China's GDP
increased tenfold. We have lost a third of our real GDP, although in 1990 our GDP
per capita (PPP) had a better starting position than Malaysia, Poland and Belarus, and
was on the same level as Turkey and Romania.
This unprecedented economic downturn in Ukraine took place in the midst of
large-scale shadowing and monopolization of the economy, technological
primitivization of manufacturing and de-industrialization, deepening of the financial
and foreign energy dependence, flourishing corruption and formation and
preservation of an oligarchic and commodity-based system. Instead, countries that
have introduced the economy of entrepreneurial initiative and innovations, fair
market competition and new investment opportunities, economic output and export of
products with high added value, have been successfully developing. As a result,
Ukraine's real GDP per capita (in purchasing power parity) in 2014 was 8267 USD,
which is two times less than the GDP of Belarus, Romania, Turkey and three times
less than the GDP of Malaysia and Poland. Nominal GDP in Ukraine in 2014 was
3083 USD per capita.
Continued policy of market fundamentalism, one-sided focus on deregulation
and privatization as a panacea, "tightening the population’s belts" and fanatical fiscal
consolidation along with regular foreign borrowing and restrictive monetary policy of
the National Bank of Ukraine have conserved the economic model in which Ukraine
exports raw materials, low-tech products with low added value, talent and income
earned in Ukraine and imports expensive energy, finished products with high added
value and international financial aid.
As the result of military aggression of Russia against Ukraine, and such
dysfunctional economic and monetary policy since the beginning of 2015, the
2. industry has fallen by 13.4%, exports of goods from Ukraine decreased by 30.9%,
foreign direct investment fell by 3.8 billion USD, official unemployment rate reached
9.4% (according to ILO), or more than 1.6 million people. As a result, an updated
IMF forecast of GDP decline for 2015 is 11%, and according to the World Bank -
12%.
Ukraine plunged into economic depression, characterized by stable and long-
term negative dynamics of GDP, loss of investment, increasing of debt burden on the
budget, the decline in industrial production, exports, employment, household
expenditures, the collapse of Hryvnia exchange rate and inflationary price growth.
Instead of creating new prospects for development, the country is on the verge of
social destabilization, as millions of people fall below the poverty line, entrepreneurs
and young people increasingly migrate abroad in search of a better life. The situation
is increasingly becoming even more critical and complicated due to military actions
in the Eastern Ukraine.
The main economic challenges the country faces today that need a prompt
resolution are presented in Annex 1 ("Major Systemic Economic Challenges").
Considering the above, we call for an immediate change of government
economic policy and urgent implementation of the Anti-Crisis Plan of Economic
Development (Annex 2) well-coordinated between all branches of government.
Sincerely,
Leader of the Radical Party of Ukraine Oleh Liashko
Deputy Leader on Economic Policy
Radical Party of Ukraine,
Chair of the Parliamentary Committee on
Industrial Policy and Entrepreneurship Viktor Halasiuk
3. Annex 1
Major Systemic Economic Challenges
1) Low income of the population: after a shock threefold fall of the hryvnia,
personal income rolled down to the level of economically undeveloped
countries. The average disposable income in Ukraine dropped to $130 per
month, while the share of savings - up to 3.4%. This exhausts the economy and
destabilizes the social and political situation in the country.
2) High unemployment rate: according to official figures (ILO) it reaches 9.4%
of the employable population or 1.6 million people; however, due to "hidden
unemployment forms" (such as part-time employment, unpaid leave of
absence), it is even higher than that. Such unemployment rate weakens the
economic productivity and additionally depletes the purchasing power of the
population.
3) Investment deficit, including direct foreign, domestic private and public
investments. After years of downward dynamics of capital investment, the
level of gross fixed capital formation (investments into the future of the
economy) dropped to 12% of GDP (while 19% in the EU and over 25% in
developing countries).
4) Decline in production and exports, caused by military operations in Donbass
and loss of the Russian market, as well as by the lack of the targeted
governmental industrial and trade policy. During 11 months of 2015 industrial
production decreased by almost 15%, while merchandise exports fell by 31%
(despite the effect of EU autonomous trade preferences for Ukraine in the
framework of the Association Agreement).
5) Financial dependence and macro-financial instability, caused by a negative
trade balance over the past 9 years; shocking threefold devaluation of the
national currency; excessive burden of public and publicly guaranteed debt on
the national economy (80% of GDP in 2015, while the IMF considers 60% as a
critical maximum) and exorbitant budget expenditures on its servicing (14.8%
of expenditures of the state budget of 2016 - is the second largest item of
governmental expense).
6) Energy inefficiency and dependence on imports. The energy intensity per
unit of GDP in Ukraine is 2 times higher than in Czech Republic, 3 times
higher than in Poland and 5 times higher than in Singapore. At the same time,
Ukraine is dependent on imported energy for 33% of its energy needs. This
makes many of Ukrainian products uncompetitive on the international market.
7) Technological primitivism of production and export is reflected among
other things in a low share of manufacturing industry in the GDP (only 13% in
Ukraine, while 18% in Turkey and Poland, 21% in Slovakia, and 30% in South
Korea), miserable share of high-tech exports (only 6% of total exports of goods
in Ukraine, against 8% in Poland, 15% in the Czech Republic and 47% in
Singapore). This leads to a low value added created in the economy and,
consequently, low social standards in the country.
8) Excessive shadow economy and social injustice. More than 50% of the
economy is "in the shadow" and does not pay taxes. Consequently, the tax
4. burden falls on the shoulders of the least socially protected layers of the
population - teachers, doctors, soldiers, and now even working retirees.
9) The pervasive corruption in public institutions. Almost every Ukrainian
faces corruption. Most often, it appears in the courts, tax administrations,
customs, in the executive branch. Corruption destroys the trust of public and
business in authorities and puts the brakes on the economy.
10) The loss of human capital. For 25 years, the death rate exceeds the birth rate;
emigration keeps setting negative records - only in the first half of 2015,
411,000 Ukrainians left for work to Poland, which is almost 2.5% of the
economically active population.
5. Annex 2
ECONOMIC DEVELOPMENT ANTI-CRISIS PLAN
1. Radical institutional reforms and fighting corruption
1.1. Complete replacement of judicial and prosecutors manpower. The
selection of new judges and prosecutors in open competitions among human
rights activists, legal and other professionals who have the trust of society.
Tools: introducing amendments to the Constitution of Ukraine and adoption of the
necessary laws.
Effects: establishment of the rule of law, restored public confidence in the judicial
and law enforcement system and government in general.
1.2. Optimization of public administration system. Review and optimization
of the composition, functions, powers and staff numbers of government.
Selection of civil servants at open transparent competitions.
Tools: adoption of Verkhovna Rada Resolution on comprehensive civil service
reform in Ukraine under parliamentary supervision and adoption of necessary
acts by the executive branch.
Effects: ensuring effective public administration, restoring trust of the society in
government.
1.3. Establishing personal responsibility for officials and introduction of
public prosecution in criminal proceedings. The introduction of not only
disciplinary, but also a full personal property liability of officials for unlawful
decisions regarding individuals and entities. Providing citizens in courts with
the possibility of use of audio and video evidence of bribe demands.
Tools: adoption of relevant laws by the Verkhovna Rada.
Effects: real protection of interests of citizens and businesses before the government
and transformation of society into an "anti-corruption prosecutor".
2. Financial stabilization
2.1. Restructuring of public debt of Ukraine through negotiations with
international financial organizations and foreign government creditors of
Ukraine regarding the writing off of a substantial part of the external national
and government-guaranteed debt.
Tools: conduction of governmental negotiations with international noncommercial
lenders, followed by the ratification of the results by the Verkhovna Rada.
Effects: reduce the burden of government debt on the economy and reduce spending
on debt servicing, release of funds for public investment.
6. 2.2. Liberalization of the tax system, which provides for reduction of the tax
burden, especially on wages; simplification of the administration of taxes;
revision and narrowing of the powers of the state fiscal service.
Tools: adoption of amendments to the Tax Code by the Verkhovna Rada.
Effects: improvement of the business climate, legalization of the economy and
widening of the tax base.
2.3. Control of the economic border of the country, which involves
preventing smuggling at the customs by establishing a joint border and
customs posts with neighboring countries and accession of Ukraine to the EU
Computerized Transit System (NCTS), as well as prevention of the outflow of
capital from Ukraine through transfer pricing.
Tools: adoption of amendments to the Tax and Customs Codes by the Verkhovna
Rada and adoption of the necessary acts by the executive branch.
Effects: simplification of customs procedures, elimination of smuggling and
corruption at customs, de-offshorization of the economy and broadening of the
tax base, improvement of the trade balance.
3. Energy independence
3.1. Liquidation of national joint stock company "Naftogaz Ukraine" and
introduction of the transparent pricing in the natural gas market. The
liquidation of national joint stock company "Naftogaz Ukraine", a monopolist
intermediary, which is an artificial corrupt superstructure in the natural gas
market. Elimination of the unconstitutional National Commission for
Regulation in the Fields of Energy and Utilities (NCRFEU), adjustment of
prices for natural gas and introduction of transparent pricing.
Tools: adoption of the governmental decree on liquidation of NJSC "Naftogaz
Ukraine" and the distribution of activities (extraction, transportation) to
separate companies according to the requirements of the European Union's
Third Energy Package and the adoption of bill No.3386 regarding NCRFEU.
Effects: provision of legal and transparent pricing to the public on the natural gas
market, the elimination of corruption component and lowering tariffs for
natural gas for consumers.
3.2. Implementation of State program to increase production of natural gas
in Ukraine. Reduction of rent for natural gas production, establishing of tax
incentives for new extraction and production in the weakened extraction and
geological conditions. Development and approval of the appropriate programs
by government, including capital investments for exploration and development
of new fields of PJSC "Ukrgazvydobuvannya."
7. Tools: adoption by government of a state program with appropriate funding and
adoption by Verkhovna Rada of the package of laws to stimulate new
extraction of natural gas, including from low-yield, preserved, liquidated and
other inactive wells.
Effects: increase of domestic production of natural gas and full energy independence
of Ukraine from imported natural gas, improving of trade balance.
3.3. Implementation of the State program of large-scale energy
modernization. Development and approval of the appropriate government
programs, including co-financing and preferential loans of energy
modernization activities in the private and municipal sectors from the state
budget. Stimulation of the production of energy from alternative sources.
Tools: adoption of the state program by government with introduction of the
amendments to the state budget by Verkhovna Rada.
Effects: reduction of energy consumption and energy intensity of GDP, saving of
current expenditures of state and local budgets, reduction of energy
dependence on energy imports, improving of the trade balance.
4. The new economic policy
4.1. Establishment of a system of state institutions and mechanisms of
economic development. Enhancing the capacity of the country's transition from
decline and decumulation to investment growth, structural modernization and
stimulation of the economy, including by creating/providing tools such as:
a) Export Credit Agency - a special governmental financial institution that
promotes Ukrainian exports through insurance, guarantees and reducing the
cost of loans for export operations and provides information, as well as
analytical support for exporters;
b) State Bank of Reconstruction and Development - a special financial
institution that is an agent of the government which accumulates
international financial aid in order to provide affordable long-term loans,
co-investment in infrastructure and industrial projects (through public-
private partnership as well);
c) Industrial parks - a tool to attract investment through industrial sites with
ready-made engineering and technical infrastructure and temporary tax
incentives for new production and R&D enterprises.
d) Small Businesses Support Agency – a special state institution (similar to
SBA in the USA) that grants credits to small business on favorable terms,
promotes access to public procurement and provides comprehensive
consulting support.
e) Public-private partnership – a mechanism to guarantee the interests of a
private investor when implementing joint projects with the state or
municipalities.
8. Tools: adoption of the relevant resolutions by the government and laws by
Verkhovna Rada.
Effects: provision of the tools for effective, transparent and accountable accumulation
and use of budget funds and international financial support for effective
implementation of economic policy.
4.2. Acceleration of economic growth. Purposeful "warm-up of the
economy" by influencing the various components contributing to GDP growth,
namely investment demand, private and public consumer demand, exports and
imports; setting all the levers of economic policy on "the modernization
mode."
4.2.1.Investment growth, or increase of gross fixed capital formation, in
order to switch the economy to the mode of modernization, including by:
a) introduction of the effective tax, customs, regulatory and other
investment incentives to attract private investment in new production
(including tax holidays for small businesses; favorable duties for
domestic producers; release of reinvested profits from taxation;
industrial parks with ready infrastructure and tax preferences, lower
energy prices for new plants; additional guarantees for investors under
public-private partnerships, etc.);
b) design of the monetary policy aimed to increase the "financial
depth" of real economy (through allocating state budget funds and
international financial assistance to loans for small businesses, new
and high-tech industries; through implementation of state programs of
compensation of interest on loans to small businesses, industrial
enterprises, etc.).
c) considerable strengthening of the state's role as an investor who
can temporarily replace private investors until the restoration of trust
of the latter (including through large-scale development and
modernization of infrastructure; public procurement programs for
machinery and equipment for domestic production; public
construction programs; projects in public-private partnerships, etc.).
4.2.2.Promotion of export of Ukrainian products, including through the
elimination of regulatory restrictions for exporters; state guarantees,
insurance and cost reduction of loans for exports; signing of new bilateral
free trade agreements with countries promising for Ukrainian exports;
establishment of trade rep offices abroad.
4.2.3.Increase of purchasing power of population: not nominally but by real
increase of minimum social standards, combined with a reduction of the
tax burden and large-scale de-shadowing of the economy, as well as with
stimulation of production to prevent outflow of resources from the
economy through imports.
9. Tools: adoption of the relevant resolutions by the government and laws by
Verkhovna Rada.
Effects: accelerated rehabilitation of the economy, transition to the advanced
development and improvement of lives of Ukrainian citizens.
4.3. Accumulation of international financial aid and search for the internal
resources to finance the acceleration of economic development. State
promotion of investment demand, exports and the development of production
requires substantial funding that can be provided by the state through sources
such as:
a) optimization of current expenditures of the state budget;
b) overcoming smuggling at customs;
c) effective management of state property;
d) legalization and de-offshorization of the economy;
e) additional taxation of raw material economy;
f) targeted money emission to the manufacturing sector;
g) international financial aid.
It is crucial to attract international financial assistance to the real economy in
the amount needed to create an effective structure of the economy, a modern
Marshall Plan. It is necessary to stop consuming donor funds for the sake of
consuming and to start using it for growth through special institutions of economic
development as other successful countries do.
Tools: adoption of the relevant resolutions by the government and laws by
Verkhovna Rada.
Effects: resource support of the structural modernization of the economy and its rapid
growth (Economic Revival Plan for Ukraine).
5. Social development
5.1. National employment program. The fiscal stimulation of job creation as
well as realization of temporary employment programs to combat
unemployment (including for renewal of infrastructure of regions affected by
military actions; modernization and renewal of manufacturing, performance of
social works, etc.).
Tools: adoption of the relevant resolutions by the government and laws by
Verkhovna Rada.
Effects: increase of the employment level; reduction of the burden on social funds;
increase of purchasing power of households; provision of social stability.
5.2. National health program. The increase of funding for health, physical
education and sports through the Fund of Humanitarian Development (at the
expense of the lottery business, manufacturers and importers of alcoholic
10. beverages and tobacco products); state stimulation of the increase of birth rate;
promotion of healthy lifestyles.
Tools: adoption of the Law No. 3597 and No. 3598 "On Human Development Fund"
and the relevant regulations by the government.
Effects: accessible and high-quality health care, reduction of the rate of morbidity,
increase of birth rate, increase of the duration of healthy life.
5.3. National program of skills development. Learning English from
kindergarten and its introduction as the second language in universities, the
development of competencies for the future, creating the conditions for
cooperation "Business – Education/Science - State".
Tools: adoption of the relevant resolutions by the government and laws by
Verkhovna Rada.
Effects: improved quality of pre-school, secondary, vocational and higher education;
improved professional orientation; higher educational level and household
income; higher competitiveness of the economy.