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Ukraine remains one of the poorest countries in Europe

Ukraine remains one of the poorest countries in Europe

KIEV, May 26: Ukraine in terms of GDP per capita remains of the poorest countries in Europe, along with Moldova, Armenia and Georgia. This is according to a World Bank special report titled “Tapping Ukraine’s growth potential”, which is published on the organization’s website, reports TASS. “The rate of economic growth in Ukraine remains too low to reduce poverty and reach income levels of neighboring European countries,” the document says. The World Bank notes that at the growth rate of recent years, it will take Ukraine more than 50 years to reach income levels of today’s Poland. “If Ukraine’s productivity growth and investment rate remains at the low levels observed in recent years, overt the medium-term the growth rate will converge to almost zero per annum,” according to the report. The World Bank points out that the Ukrainian economy “continues to be constrained by unfinished reforms that lead to low productivity, over-reliance on commodity-based exports, limited foreign direct investment and global economic integration, and weak institutions.”

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