World Bank: Ukraine needs 100 years to catch up with the EU.
Sputnik recently quoted Satu Kahkonen, Director of the World Bank for Ukraine, Belarus, and Moldova, as saying that if Ukraine maintains its current GDP growth rate, it will take 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, Kahkonen gave an interview to the "Economic Truth" newspaper and cited figures to prove this harsh reality in Kyiv. "Ukraine's per capita income is lower than the corresponding figures for the period 2014-2015," Kahkonen stated.
These economic indicators show that Ukraine has not yet recovered from the consequences of the crisis of previous years.
Following the events of 2014, the Ukrainian economy was in decline: key industries were not developing, and the country's largest factories had ceased operations. Now, while reforms have been implemented in Ukraine, the reform program is developing in the "opposite direction."
Kyiv is attempting economic reforms and receiving loans from the IMF, steps that will ultimately affect the welfare of its citizens. Furthermore, the situation will worsen due to unprecedented corruption and the development of a "bubble" in the country's economic sector. In addition, the severance of economic ties with Russia, as well as the policy towards Donbass, will only exacerbate the already dire economic situation.
Ukraine's inferiority in capabilities compared to its EU neighbors makes the prospect of joining the union seem distant.
In March 2016, EU President Jean-Claude Juncker stated that Ukraine would not be able to become a member of the EU for another 20-25 years, and even less likely 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, and even less so a member of NATO," DPA quoted Juncker as saying. 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 admission of new members. However, this does not affect the Balkan countries, whose preparations for EU membership are proceeding urgently. Juncker also stated that the EU is delaying Ukraine's admission because it does not want to repeat past mistakes, when the admission of new members happened too quickly.
According to European magazine, Juncker made this statement in a speech aimed at Dutch voters, intending to reassure them that the free trade agreement between Ukraine and the EU was not the first step toward quickly bringing Ukraine into the European Union.
This further demonstrates that Europe's long-standing "sweet talk" with Ukraine has been nothing more than empty promises, and Ukraine can only strive to obtain a piece of the pie in the sky.
