The new goal is very ambitious. Foreign direct investments were only 420 million dollars in 2020, but that year was heavenly affected by Covid-19.
The National Economic Strategy 2030 has been posted on the government’s website with several ambitious goals. The government aims to increase the inflow of foreign direct investments, FDI, to 15 billion dollars per year by 2025, which is more than five times more than what is expected for 2021 – around 3 billion dollars.
FDI investments in 2020 only accounted for 420 million dollars but were affected by the Covid-19 pandemic, which made foreign companies reluctant to invest.
The new strategy also aims to double the Ukrainian GDP in the next ten years. The Ukrainian GDP is about 153.8 billion dollars per year, while that number in Denmark, for example, is more than double – 350.1 billion dollars.
The Ukrainian GDP since the 1980s in the US dollar.
The Danish GDP since the 1980s in the US dollar.
A significant increase in export
The plan also states that there will be an increase in exports from 49 billion dollars in 2020 to 150 billion dollars in 2030 with an increase in labor productivity by at least 1.7 times and a decrease in unemployment from 8.6 to 6 percent. The Ukrainian government previously stated that it aims to cut down the public share of the banking market. The new plan says that this share would be decreased from the current 54 percent to 25 percent in 2030.
The government also wants to increase the share of small- and medium-sized businesses to account for 40 percent of all exports in 2030. Furthermore, the government aims to keep its public debts at around 30 to 40 percent of GDP and keep the state budget at the level of 2-3 percent of GDP. The government said that it would also focus on fixing its customs service to reduce the time for passing customs, increasing trade with the EU.
“The National Economic Strategy 2030 is a comprehensive document that should lead Ukraine to the club of developed and successful countries. The strategy was developed with the involvement of experts, scientists, officials, MPs. This will be a significant contribution to the development of a successful, prosperous European Ukraine,” said Prime Minister Denys Shmyhal previously.