Saturday, January 28, 2017

Week’s balance: Cabinet’s strategic plan, battle for Ukrainian Railways, and optimistic expectations of businesses


Olesia Safronova

soc-set.com

The Government presented its medium-term plan of reform aimed at securing economic growth, Ukrzaliznytsia [Ukrainian Railways] was withdrawn from the jurisdiction of the Ministry of Infrastructure, while the National Bank, State Statistics Service, and businesses announced their forecasts for the next 12 months - these are the main economic news of the outgoing week.


The week’s main economic event was the Cabinet’s presentation of the main provisions of its Strategic Reform Plan until 2020. The objective is to change the model of the country’s development, move away from a domination of exports of raw materials, and increase own production of products with high added value, which enjoys high demand both in the internal and international commodity markets. But the main thing is consolidating economic growth, which started taking shape in 2016, and accelerate it.

"We are changing the model of economic development. While the previous model was based on the expansion of consumer demand, now the main growth drivers will be the exports, as well as investment and innovation demand," First Deputy Prime Minister Stepan Kubiv said, commenting on Cabinet proposals.

The key priorities of the new economic policy will be the development of processing industries, hi-tech innovative industries, the overall modernization of the economy, increasing commodity exports - both to the EU market and the markets more traditional for Ukraine in Africa and Asia.

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