: Carnegie Europe: Ukraine's indispensable economic reforms

12:58 May. 4, 2016

Carnegie Europe: Ukraine's indispensable economic reforms

Elderly women share a sandwich as they sell their possessions to get some extra money at a city flea market in Ukraine's capital Kiev on Orthodox Easter eve, April 30, 2016 (AP Photo)

Ukraine shows first positive results in economic reforms implementation 

Economic reform is central for today's Ukraine. The capacity of the Ukrainian nation—leadership and population together—to deliver a modern and efficient economy, if achieved, would constitute the winning asset in the West's current struggle with Russia in Eastern Europe.

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Success on the economy would represent the most convincing argument Ukraine could offer to all those who doubt the country's ability to stand as a modern and efficient state. Producing tangible economic results is the best way to dispel these doubts.

The economic challenge is one of the most pressing as Ukraine strives to stabilize its internal and external accounts, relaunch its productivity growth, and engage in the long-term process of modernizing its manufacturing sector.

Read also G7 ready to support Ukraine's energy sector

Yet, far from being a lost cause, economic reform in Ukraine is one of the domains of government policy in which some optimism can be nurtured. Indeed, in spite of current ups and downs, achieving a prosperous economy in a reasonable time span remains a realistic prospect for Ukraine.

Progress is on its way with some first positive results in Ukraine's macroeconomic stabilization program. But modernization of the economy is lagging behind.

Renewed efforts are necessary to ensure the implementation of newly adopted laws, and the country must consider its priorities and strategic goals with a special emphasis on building up substantial state capacity.

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