Ukraine will create conditions for maintaining an army of more than 500,000 people in ten years – a conference in London

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Ukraine has set itself the goal of increasing its GDP from $161 billion to $1 trillion in ten years, as the country needs to have a strong army of more than 500,000 people and develop the social sphere, education, and health care.

This was stated by the First Deputy Prime Minister – Minister of Economy Yuliya Svyridenko at the recovery conference in London.

“Economic rules make it possible to finance these industries without a critical burden on the budget,” the First Deputy Prime Minister emphasized.

She added that the two main prerequisites for this are NATO and the EU, which will provide Ukraine with access to security and international institutional reforms.

According to her, the country aims to reduce GDP redistribution through the budget to 25%.

Svyridenko noted that the local market for the reconstruction and development of Ukraine over the next 20 years will amount to more than $500 billion, and in addition, the replacement of Russian and Chinese exports to EU countries also provides a market with a potential of more than $200 billion annually.

“In addition to this, right now we are working on a competitive tax system and are focused on the development of the labor market to cope with the problems of Ukraine’s post-war recovery,” added the First Deputy Prime Minister.

We remind you:

Ukraine sets as a goal to increase the gross domestic product (GDP) to $1 trillion in ten years.

According to the estimates of the Ministry of Finance, in 2022 the GDP of Ukraine will fall from more than $200 billion to $161 billion. Growth in ten years to $1 trillion means an annual increase of the nominal GDP of Ukraine in dollars by 20%.

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