The shadow economy in Ukraine amounts to UAH 846 billion or a quarter of Ukraine’s official GDP.
The National Bank of Ukraine announced this in a statement, citing a study conducted by the Ernst & Young company, the Ukrainian News Agency reports.
These are the initial results of a study of the state of the shadow economy in Ukraine, which Ernst & Young conducted with the support of MasterCard within the framework of a memorandum of cooperation with the Ukrainian Ministry of Economic Development, Trade, and Agriculture, the National Bank of Ukraine, and the State Statistics Service.
According to the study, the shadow economy amounted to UAH 846 billion or 23.8% of Ukraine’s official GDP in 2018, of which 19.7% of the GDP (UAH 702 billion) is the cash shadow economy, 4.1% of the GDP (UAH 144 billion) is domestic production of goods for local use, i.e. the non-monetary shadow economy.
As Ukrainian News Agency earlier reported, according to the Ministry of Economy, the size of the shadow economy fell by 2 percentage points to 30% in 2018, the lowest since 2009.
© 2020 UNA
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Zelensky: ‘There is no corruption in Ukraine’. …
6 places down in one year, now #126 at the corruption index 😢
This is what happens when the oligarchs return.
Under Porosjenko they was climbing from #142 in 2014 to #120 in 2018 even if he had all the criminals in the Rada and the courts working against him!
If they continue as now it’s not long before all support for Ukraine will disappear
My support will never end. They will take me with my trident ring to grave. I have the best girls in the world, strong and good to the core! Glory to Ukraine!
It’s the same with me Mike, but we don’t support Ukraine with billions that end up in the pockets of some few oligarchs and their bought politicians 🙂
There will still be support for Ukraine but probably not for Zelensky. Even not so much because of the oligarchs but what he is doing with the media is arguably worse.
It’s imperative to begin the fight against corruption at the top. You can’t expect millions of citizens to be honest when the rich and powerful stink miserably of graft.
I was going to say pretty much the same thing ofp.
Just as soon as the ordinary people see the rich not getting richer they will not be so bothered about ‘work on the side’.
When all this began in 2014 the Shadow economy was estimated at 50%.
You’re absolutely right Murf, good point.