Ukraine's leading English-language newspaper since 1995

Let’s focus on how to make the new year better with a few resolutions

While celebrating, relax and take a deep breath. These are tough times, but avoid panic that could worsen the economic ills that are testing us all. Remember that hard times test the true strength of our characters and often bring out the best in us all. Let’s focus on how to make next year even better with a few resolutions:

1) If you see someone in despair, make an extra effort to let them know you care. Help materially if possible. We are all in this boat together. Unlike past economic crises which were regional in nature, this one is global. Fleeing to Europe will not offer hope for many job-seekers. It is important that Ukrainians, and everyone residing in this country, unite and support one another.

2) The uncontrolled borrowing binge that made Ukraine’s banks, citizens and economy deeply vulnerable must end. There is simply no other choice.

3) If Russia once again cuts off natural gas to Ukraine, take it as yet another reminder of how citizens and companies need to cut wasteful energy consumption. In the long term, privatization of communal housing utilities is required. This will attract investments needed to revamp the system. In the short term, consider using public transportation rather than driving cars that are clogging Kyiv streets. Why not walk to work or the store and get some exercise?

4) The dreaded prospects of layoffs are certainly in the air, but try not to be a ‘Grinch that stole Christmas.’ Economic downturns are a time to cut dead weight and improve efficiency. But employers should avoid overreacting because of panic or greed. Large unemployment could, in itself, spark a deeper recession. It is, after all, the Ukrainian middle class that has emerged after a decade of growth that has, in large part, driven the economy.

5) We are all sick of Ukraine’s ineffective and corrupt political elite. Complaining is not enough. At the next elections, Ukrainians should oust the phonies that purport to lead their country. But voting is not enough. It’s time for Ukraine’s citizens to take more responsibility. Join a party. Shape its policies. Only a tiny number of citizens are party members. It’s time to build from the bottom up, not from top to bottom. Otherwise, you’ll get the ‘government’ you deserve.

6) Last but not least, responsibility during these tough times rests with Ukraine’s oligarchs. It's time to reinvest the riches stashed offshore into charities, new job training programs and paying salaries. This is a chance to show society that Ukraine's richest can play a responsible role. Otherwise, the oligarchs will prove that they are merely largescale speculators that prefer to spend time in Sardinia or Monte Carlo. The ‘captain of industry’ should not be the first to jump ship when the going gets tough.

History has shown that when lower classes are squeezed too much, they strike back. A return to socialism or communism is the last thing Ukraine needs. Those who have profited most from Independence are best positioned to prevent such a tragedy. With tough times ahead, helping out is the strongest investment that can be made into the economy.