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

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 2...

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Bibliographic Details
Main Author: World Bank
Format: Country Economic Memorandum
Language:English
Published: World Bank 2012
Subjects:
NPL
Online Access: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
http://hdl.handle.net/10986/2905
id okr-10986-2905
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ACCOUNTING
ADVANCED ECONOMIES
AGRICULTURAL COMMODITIES
ARREARS
BALANCE OF PAYMENTS
BALANCE SHEETS
BANK BORROWING
BANK OPERATIONS
BANK SUPERVISION
BANKING SECTOR
BANKING SECTOR ASSETS
BANKING SYSTEM
BANKRUPTCY
BARRIERS TO ENTRY
BENEFICIARY
BUSINESS ENVIRONMENT
CAPITAL FLOWS
CAPITAL INFLOWS
CAPITAL INVESTMENTS
CAPITAL STOCK
CASH BALANCE
COMMERCIAL BANK
COMMERCIAL BANK LENDING
COMMERCIAL BANKS
COMMODITY
COMMODITY PRICE
COMMODITY PRICES
COMPANY LAW
COMPLIANCE COSTS
CONFLICT OF INTEREST
CONSUMER DURABLES
CONSUMER PRICE INDEX
CONTRACT ENFORCEMENT
CORPORATE DEBT
CORPORATE GOVERNANCE
CREDIBILITY
CREDIT GROWTH
CREDIT POLICIES
CREDIT RISK
CURRENCY
DEBT ACCUMULATION
DEBT LEVEL
DEBT SERVICE
DEMOCRACY
DEMOGRAPHIC
DEPOSIT
DEPOSITORS
DEPOSITS
DEVALUATION
DEVELOPING ECONOMIES
DOMESTIC BANKS
DOMESTIC MARKET
DOUBLE TAXATION
DURABLE
DURABLE GOODS
ECONOMIC CRISIS
ECONOMIC DEVELOPMENT
ECONOMIC DEVELOPMENTS
ECONOMIC DOWNTURN
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
ENTERPRISE PERFORMANCE
ENTRY BARRIERS
EQUIPMENT
EXCESS LIQUIDITY
EXCHANGE RATE
EXCHANGE RATE REGIME
EXPANSIONARY FISCAL POLICY
EXPANSIONARY MONETARY POLICIES
EXPENDITURE
EXPENDITURES
EXPORT GROWTH
EXPORT SECTORS
EXPORTERS
EXTERNAL BORROWING
EXTERNAL DEBT
EXTERNAL FINANCE
EXTERNAL FINANCING
EXTERNAL FUNDING
FINANCIAL CRISIS
FINANCIAL INFORMATION
FINANCIAL MANAGEMENT
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL SYSTEM
FIRM GROWTH
FISCAL DEFICIT
FISCAL DEFICITS
FISCAL POLICIES
FISCAL POLICY
FIXED CAPITAL
FIXED INVESTMENT
FOREIGN BANKS
FOREIGN CURRENCIES
FOREIGN CURRENCY
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGE
FOREIGN EXCHANGE RESERVES
FOREIGN EXCHANGE RISKS
FOREIGN INVESTMENT
FOREIGN INVESTORS
GLOBAL ECONOMY
GLOBAL TRADE
GLOBALIZATION
GOVERNMENT DEBT
GOVERNMENT REGULATION
GROSS DOMESTIC PRODUCT
GROWTH RATES
GUARANTEE FUND
INCOME LEVEL
INCOME LEVELS
INCOME TAX
INFLATION
INFRASTRUCTURE INVESTMENT
INFRASTRUCTURE INVESTMENTS
INSURANCE
INTELLECTUAL PROPERTY
INTERNAL AUDIT
INTERNATIONAL CAPITAL
INTERNATIONAL CAPITAL MARKETS
INTERNATIONAL FINANCIAL INSTITUTION
INVESTMENT CLIMATE
INVESTMENT CLIMATE REFORMS
INVESTOR CONFIDENCE
JOINT STOCK COMPANY
JUDICIAL SYSTEM
LABOR MARKET
LACK OF COMPETITION
LACK OF TRANSPARENCY
LAND POLICY
LAND TITLING
LEGAL IMPEDIMENTS
LEGAL SYSTEM
LEGISLATIVE FRAMEWORK
LIVING STANDARDS
LOAN
LOAN PORTFOLIO
LOCAL INVESTORS
LONG-TERM INVESTMENTS
MACROECONOMIC INSTABILITY
MACROECONOMIC POLICIES
MACROECONOMIC STABILITY
MARKET ACCESS
MARKET ECONOMY
MARKET REFORMS
MARKET SHARE
MATURITY
MATURITY STRUCTURE
MICRO DATA
MONETARY AUTHORITIES
MONETARY POLICIES
MONETARY POLICY
MONEY SUPPLY
MORTGAGE
MORTGAGE PORTFOLIO
MORTGAGES
MULTINATIONAL CORPORATION
NATIONAL BANK
NATIONAL SAVINGS
NATURAL RESOURCES
NEGATIVE SHOCKS
NON-PERFORMING LOANS
NPL
OIL PRICES
OUTPUT
OUTPUTS
PENSION
PENSION EXPENDITURES
PENSION FUND
PENSION REFORM
PENSION SYSTEM
PENSIONS
PERSONAL INCOME
POLITICAL ECONOMY
POLITICAL POWER
PORTFOLIO INVESTMENT
PORTFOLIO INVESTMENTS
POWER PARITY
PRICE STABILITY
PRICE VOLATILITY
PRIVATE CAPITAL
PRIVATE CAPITAL INFLOWS
PRIVATE DEBT
PRIVATE INVESTMENT
PRIVATE INVESTMENTS
PRIVATE SECTOR CREDIT
PRIVATE SECTOR GROWTH
PRIVATIZATION
PROPERTY RIGHTS
PROPERTY RIGHTS PROTECTION
PRUDENTIAL REGULATION
PUBLIC DEBT
PUBLIC FINANCE
PUBLIC FINANCES
PUBLIC INVESTMENTS
PURCHASING POWER
REAL ESTATE
REAL EXCHANGE RATE
REGULATOR
REGULATORY FRAMEWORK
RETURN
RETURNS
RULE OF LAW
SAFETY NET
SAFETY NETS
TAX EXEMPTIONS
TAX POLICY
TAX RATES
TAX SYSTEM
TRANSACTION
TRANSPARENCY
TREASURY
TREATIES
TURNOVER
WAGE GROWTH
WORKING CAPITAL
WORLD TRADE
spellingShingle ACCOUNTING
ADVANCED ECONOMIES
AGRICULTURAL COMMODITIES
ARREARS
BALANCE OF PAYMENTS
BALANCE SHEETS
BANK BORROWING
BANK OPERATIONS
BANK SUPERVISION
BANKING SECTOR
BANKING SECTOR ASSETS
BANKING SYSTEM
BANKRUPTCY
BARRIERS TO ENTRY
BENEFICIARY
BUSINESS ENVIRONMENT
CAPITAL FLOWS
CAPITAL INFLOWS
CAPITAL INVESTMENTS
CAPITAL STOCK
CASH BALANCE
COMMERCIAL BANK
COMMERCIAL BANK LENDING
COMMERCIAL BANKS
COMMODITY
COMMODITY PRICE
COMMODITY PRICES
COMPANY LAW
COMPLIANCE COSTS
CONFLICT OF INTEREST
CONSUMER DURABLES
CONSUMER PRICE INDEX
CONTRACT ENFORCEMENT
CORPORATE DEBT
CORPORATE GOVERNANCE
CREDIBILITY
CREDIT GROWTH
CREDIT POLICIES
CREDIT RISK
CURRENCY
DEBT ACCUMULATION
DEBT LEVEL
DEBT SERVICE
DEMOCRACY
DEMOGRAPHIC
DEPOSIT
DEPOSITORS
DEPOSITS
DEVALUATION
DEVELOPING ECONOMIES
DOMESTIC BANKS
DOMESTIC MARKET
DOUBLE TAXATION
DURABLE
DURABLE GOODS
ECONOMIC CRISIS
ECONOMIC DEVELOPMENT
ECONOMIC DEVELOPMENTS
ECONOMIC DOWNTURN
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
ENTERPRISE PERFORMANCE
ENTRY BARRIERS
EQUIPMENT
EXCESS LIQUIDITY
EXCHANGE RATE
EXCHANGE RATE REGIME
EXPANSIONARY FISCAL POLICY
EXPANSIONARY MONETARY POLICIES
EXPENDITURE
EXPENDITURES
EXPORT GROWTH
EXPORT SECTORS
EXPORTERS
EXTERNAL BORROWING
EXTERNAL DEBT
EXTERNAL FINANCE
EXTERNAL FINANCING
EXTERNAL FUNDING
FINANCIAL CRISIS
FINANCIAL INFORMATION
FINANCIAL MANAGEMENT
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL SYSTEM
FIRM GROWTH
FISCAL DEFICIT
FISCAL DEFICITS
FISCAL POLICIES
FISCAL POLICY
FIXED CAPITAL
FIXED INVESTMENT
FOREIGN BANKS
FOREIGN CURRENCIES
FOREIGN CURRENCY
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGE
FOREIGN EXCHANGE RESERVES
FOREIGN EXCHANGE RISKS
FOREIGN INVESTMENT
FOREIGN INVESTORS
GLOBAL ECONOMY
GLOBAL TRADE
GLOBALIZATION
GOVERNMENT DEBT
GOVERNMENT REGULATION
GROSS DOMESTIC PRODUCT
GROWTH RATES
GUARANTEE FUND
INCOME LEVEL
INCOME LEVELS
INCOME TAX
INFLATION
INFRASTRUCTURE INVESTMENT
INFRASTRUCTURE INVESTMENTS
INSURANCE
INTELLECTUAL PROPERTY
INTERNAL AUDIT
INTERNATIONAL CAPITAL
INTERNATIONAL CAPITAL MARKETS
INTERNATIONAL FINANCIAL INSTITUTION
INVESTMENT CLIMATE
INVESTMENT CLIMATE REFORMS
INVESTOR CONFIDENCE
JOINT STOCK COMPANY
JUDICIAL SYSTEM
LABOR MARKET
LACK OF COMPETITION
LACK OF TRANSPARENCY
LAND POLICY
LAND TITLING
LEGAL IMPEDIMENTS
LEGAL SYSTEM
LEGISLATIVE FRAMEWORK
LIVING STANDARDS
LOAN
LOAN PORTFOLIO
LOCAL INVESTORS
LONG-TERM INVESTMENTS
MACROECONOMIC INSTABILITY
MACROECONOMIC POLICIES
MACROECONOMIC STABILITY
MARKET ACCESS
MARKET ECONOMY
MARKET REFORMS
MARKET SHARE
MATURITY
MATURITY STRUCTURE
MICRO DATA
MONETARY AUTHORITIES
MONETARY POLICIES
MONETARY POLICY
MONEY SUPPLY
MORTGAGE
MORTGAGE PORTFOLIO
MORTGAGES
MULTINATIONAL CORPORATION
NATIONAL BANK
NATIONAL SAVINGS
NATURAL RESOURCES
NEGATIVE SHOCKS
NON-PERFORMING LOANS
NPL
OIL PRICES
OUTPUT
OUTPUTS
PENSION
PENSION EXPENDITURES
PENSION FUND
PENSION REFORM
PENSION SYSTEM
PENSIONS
PERSONAL INCOME
POLITICAL ECONOMY
POLITICAL POWER
PORTFOLIO INVESTMENT
PORTFOLIO INVESTMENTS
POWER PARITY
PRICE STABILITY
PRICE VOLATILITY
PRIVATE CAPITAL
PRIVATE CAPITAL INFLOWS
PRIVATE DEBT
PRIVATE INVESTMENT
PRIVATE INVESTMENTS
PRIVATE SECTOR CREDIT
PRIVATE SECTOR GROWTH
PRIVATIZATION
PROPERTY RIGHTS
PROPERTY RIGHTS PROTECTION
PRUDENTIAL REGULATION
PUBLIC DEBT
PUBLIC FINANCE
PUBLIC FINANCES
PUBLIC INVESTMENTS
PURCHASING POWER
REAL ESTATE
REAL EXCHANGE RATE
REGULATOR
REGULATORY FRAMEWORK
RETURN
RETURNS
RULE OF LAW
SAFETY NET
SAFETY NETS
TAX EXEMPTIONS
TAX POLICY
TAX RATES
TAX SYSTEM
TRANSACTION
TRANSPARENCY
TREASURY
TREATIES
TURNOVER
WAGE GROWTH
WORKING CAPITAL
WORLD TRADE
World Bank
Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth
geographic_facet Europe and Central Asia
Europe
Eastern Europe
Commonwealth of Independent States
Ukraine
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.
format Economic & Sector Work :: Country Economic Memorandum
author World Bank
author_facet World Bank
author_sort World Bank
title Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth
title_short Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth
title_full Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth
title_fullStr Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth
title_full_unstemmed Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth
title_sort ukraine - country economic memorandum : strategic choices to accelerate and sustain growth
publisher World Bank
publishDate 2012
url 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
http://hdl.handle.net/10986/2905
_version_ 1764386136783847424
spelling okr-10986-29052021-04-23T14:02:05Z Ukraine - Country Economic Memorandum : Strategic Choices to Accelerate and Sustain Growth World Bank ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES ARREARS BALANCE OF PAYMENTS BALANCE SHEETS BANK BORROWING BANK OPERATIONS BANK SUPERVISION BANKING SECTOR BANKING SECTOR ASSETS BANKING SYSTEM BANKRUPTCY BARRIERS TO ENTRY BENEFICIARY BUSINESS ENVIRONMENT CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENTS CAPITAL STOCK CASH BALANCE COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL BANKS COMMODITY COMMODITY PRICE COMMODITY PRICES COMPANY LAW COMPLIANCE COSTS CONFLICT OF INTEREST CONSUMER DURABLES CONSUMER PRICE INDEX CONTRACT ENFORCEMENT CORPORATE DEBT CORPORATE GOVERNANCE CREDIBILITY CREDIT GROWTH CREDIT POLICIES CREDIT RISK CURRENCY DEBT ACCUMULATION DEBT LEVEL DEBT SERVICE DEMOCRACY DEMOGRAPHIC DEPOSIT DEPOSITORS DEPOSITS DEVALUATION DEVELOPING ECONOMIES DOMESTIC BANKS DOMESTIC MARKET DOUBLE TAXATION DURABLE DURABLE GOODS ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC DOWNTURN EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS ENTERPRISE PERFORMANCE ENTRY BARRIERS EQUIPMENT EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATE REGIME EXPANSIONARY FISCAL POLICY EXPANSIONARY MONETARY POLICIES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT SECTORS EXPORTERS EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL FINANCE EXTERNAL FINANCING EXTERNAL FUNDING FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FIRM GROWTH FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FOREIGN BANKS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE RISKS FOREIGN INVESTMENT FOREIGN INVESTORS GLOBAL ECONOMY GLOBAL TRADE GLOBALIZATION GOVERNMENT DEBT GOVERNMENT REGULATION GROSS DOMESTIC PRODUCT GROWTH RATES GUARANTEE FUND INCOME LEVEL INCOME LEVELS INCOME TAX INFLATION INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INSURANCE INTELLECTUAL PROPERTY INTERNAL AUDIT INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INSTITUTION INVESTMENT CLIMATE INVESTMENT CLIMATE REFORMS INVESTOR CONFIDENCE JOINT STOCK COMPANY JUDICIAL SYSTEM LABOR MARKET LACK OF COMPETITION LACK OF TRANSPARENCY LAND POLICY LAND TITLING LEGAL IMPEDIMENTS LEGAL SYSTEM LEGISLATIVE FRAMEWORK LIVING STANDARDS LOAN LOAN PORTFOLIO LOCAL INVESTORS LONG-TERM INVESTMENTS MACROECONOMIC INSTABILITY MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ACCESS MARKET ECONOMY MARKET REFORMS MARKET SHARE MATURITY MATURITY STRUCTURE MICRO DATA MONETARY AUTHORITIES MONETARY POLICIES MONETARY POLICY MONEY SUPPLY MORTGAGE MORTGAGE PORTFOLIO MORTGAGES MULTINATIONAL CORPORATION NATIONAL BANK NATIONAL SAVINGS NATURAL RESOURCES NEGATIVE SHOCKS NON-PERFORMING LOANS NPL OIL PRICES OUTPUT OUTPUTS PENSION PENSION EXPENDITURES PENSION FUND PENSION REFORM PENSION SYSTEM PENSIONS PERSONAL INCOME POLITICAL ECONOMY POLITICAL POWER PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POWER PARITY PRICE STABILITY PRICE VOLATILITY PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE DEBT PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE SECTOR CREDIT PRIVATE SECTOR GROWTH PRIVATIZATION PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PRUDENTIAL REGULATION PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENTS PURCHASING POWER REAL ESTATE REAL EXCHANGE RATE REGULATOR REGULATORY FRAMEWORK RETURN RETURNS RULE OF LAW SAFETY NET SAFETY NETS TAX EXEMPTIONS TAX POLICY TAX RATES TAX SYSTEM TRANSACTION TRANSPARENCY TREASURY TREATIES TURNOVER WAGE GROWTH WORKING CAPITAL WORLD TRADE 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. 2012-03-19T10:24:21Z 2012-03-19T10:24:21Z 2010-08-31 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 http://hdl.handle.net/10986/2905 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank Economic & Sector Work :: Country Economic Memorandum Europe and Central Asia Europe Eastern Europe Commonwealth of Independent States Ukraine