Prime Minister of Ukraine Denys Shmyhal has said that $1 trillion of GDP in 10 years is Ukraine’s unrealized potential.
“$1 trillion of GDP in 10 years is the unrealized potential of our country. $1 trillion was lost by all citizens of the country due to constant changes in vectors, unfinished reforms, lack of a long-term economic strategy, corruption, and poor governance,” Shmyhal said during the presentation of the country’s economic audit and vectors of economic development until 2030 in Kyiv on Friday.
Prime Minister of Ukraine Denys Shmyhal expects that the opening of a land market in the country will bring $85 billion of additional GDP in 10 years, and the average cost of land per 1 ha will increase fivefold.
“Ukraine has underutilized its land potential of $85 billion. In 29 years, free disposal of land has been limited, which means that its value has been underestimated several times. During this time, more than 5 million hectares of land have disappeared from the state. Development of irrigation and investment in agriculture has slowed down for decades, and partially stopped at all,” the prime minister said during the presentation of the Audit of the Ukrainian economy and vectors of economic development until 2030 in Kyiv on Friday.
PM: $1 trln of GDP in 10 years is unrealized potential of Ukraine.
The unrealized potential of Ukraine in the use of water resources is estimated at $12 billion, while the potential of using forest resources is at $40 billion, Prime Minister Denys Shmyhal has said.
“We had to expand the area of our forests and use wood mainly for the development of our own furniture production. Only a change in the guidelines for the export of raw materials to the production of our own products will give the country at least $40 billion in 10 years,” the prime minister said during the presentation of the audit of the Ukrainian economy and vectors of economic development until 2030 in Kyiv on Friday.
According to Shmyhal, water resources have $12 billion of underutilized potential.
“Ukraine has ignored the development of hydropower for years. We use only half of this potential. We use the potential of aquaculture, the development of fisheries. We use only a quarter. Irrigation is developed less than 20% of what it should be. For example, an effective irrigation system in the southern regions of Ukraine would give an opportunity to increase harvests by 2.5-3 times and this is also an untapped potential that will give the country additional GDP,” the prime minister said.
Ukrainian PM predicts growth in cost of farmland fivefold in 10 years, $85 bln of extra GDP.
