Ukraine ranked last in terms of economic freedom

Ukraine’s level of economic freedom in Europe is situated on the last, 44-th position. Photo:

Ukraine occupies the 150-th place in the world in terms of economic freedom for 2018. And in Europe, is situated on the last, 44-th position.

This is stated in the report of the analytical centre Heritage Foundation who did a study of 186 countries, reports “Voice of America”.

It is noted that most European economies are defined as “mostly free” or “moderately loose”. And only 5 countries – Moldova, Russia, Belarus, Greece and Ukraine – called the report a “mostly unfree.”

The document also stresses that “the Ukrainian economy is dominated by oligarchs, slowed down before 2014, Russia occupied the Crimea and aggression in Eastern part of the country ravaged economic growth.”

However, compared to the previous year, the overall performance of the Ukrainian economy has improved. The best situation is observed in such indicators: efficiency of the judicial system, government spending, tax burden, health of the financial system, freedom of investment, freedom of business, monetary freedom, labor freedom.

By carrying out all necessary reforms, Ukraine could have a 6-8% economic growth per year. However, in 2018, we should expect only 3%.
“If the economy is growing annually by 7%, after ten years, the GDP of the country doubled. In this case, the salary of Ukrainians in dollar terms will double,” – said the analyst with the Atlantic Council and Professor at Georgetown University Anders Aslund.