World Bank: Ukraine will take 100 years to catch up with the EU
Sputnik recently quoted the World Bank Regional Director for Ukraine, Belarus and Moldova - Ms. Satu Kahkonen as saying that if the current GDP growth rate is maintained, it will take Ukraine 100 years to catch up with its European neighbors.
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Ukrainian President Petro Poroshenko hopes to join the European Union EU. |
Accordingly, Ms. Kahkonen gave an interview to the "Economic Truth" newspaper and cited figures proving this harsh reality in Kiev. "Ukraine's per capita income is lower than the corresponding indicators in the period 2014-2015" - Ms. Kahkonen commented.
This economic indicator shows that Ukraine has not yet overcome the consequences of the crisis of previous years.
After the events of 2014, the Ukrainian economy was in recession: key industries were not developing, the country's largest factories were shut down. Now, reforms have been carried out in Ukraine, but the reform program is developing in the "opposite direction".
Kiev is trying to implement economic reforms, get loans from the IMF, and these steps will ultimately affect the well-being of its citizens. Moreover, the situation will worsen due to unprecedented corruption, combined with the development of the “bubble” economy in the country. In addition, the severance of economic relations with Russia, as well as the policy towards Donbass, will further worsen the economic situation of the country.
Being inferior to its EU neighbors makes the prospect of Ukraine joining the union remote.
In March 2016, EU President Jean-Claude Juncker said that Ukraine would not be able to become a member of the EU for another 20-25 years, and it would be even more difficult to become a member of NATO. "Ukraine will certainly not be able to become a member of the EU for the next 20-25 years, much less a member of NATO," DPA news agency quoted Mr. Juncker as saying. Afterwards, the President did not explain why Ukraine would have to wait so long.
According to Juncker, the EU needs a “long pause” before deciding on the issue of admitting new members. However, this does not affect the Balkan countries, whose preparations for joining the EU are being urgently carried out. According to Juncker, the EU is delaying the admission of Ukraine because it does not want to repeat the previous mistakes, when admitting new members happened too quickly.
European magazine said that Mr. Juncker stated in his speech aimed at Dutch voters with the aim of reassuring them that the free trade agreement between Ukraine and the EU is not a first step to quickly bring Ukraine into the European Union.
This further demonstrates that Europe's "sweet talk" with Ukraine so far has been nothing more than empty promises, and Ukraine can only try its best to win a piece of the pie.
