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...
| Main Author: | |
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| Format: | Country Economic Memorandum |
| Language: | English |
| Published: |
World Bank
2012
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| Subjects: | |
| 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 |
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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 |