Ukraine plans to decrease shadow economy level by 5 pct in 3 years

2021-09-18 10:35:59 GMT2021-09-18 18:35:59(Beijing Time) Xinhua English

KIEV, Sept. 18 (Xinhua) -- Ukraine is developing a plan to bring down the country's shadow economy to 25 percent of GDP over the next three years, First Vice Prime Minister Oleksiy Lyubchenko said on Friday.

"Today, according to the Ministry of Economy's preliminary calculations, the shadow economy reached 30 percent of the GDP. At the moment, we have gathered to work out proposals for de-shadowing the economy in all sectors," Lyubchenko told a meeting of an interdepartmental working group.

"We need to develop some specific measures and reach systemic solutions," Lyubchenko added.

The level of Ukraine's cash-based shadow economy reached 30 percent of its GDP in 2020, compared with 27 percent in 2019, according to an analytical note published by the Ministry of Economy. Enditem