Economies are in a synchronized recession, including Ukraine’s trade and credit partners. However, a greater dimension of Ukraine’s recession, if considered from an international perspective, points to the long-lasting failure of the local authorities in making the domestic economy more flexible.
The problems of the global economic architecture have been actively discussed by policymakers of the G20, the group of 20 large industrial nations. The result should be a smoother path of the global economy in the future. Ukraine, of course, is not part of the G20, which is not necessarily bad news. In fact, Ukraine’s exclusion creates the right opportunity for the nation’s authorities to concentrate solely on the domestic economy.
Numerous problems have been mounting and remain unsolved in and outside of government. In our view, urgent action is required in the following areas: