A girl wearing a Santa Claus hat gets her money at a cash machine of PrivatBank in the center of Kiev on December 19, 2016. Ukrainian President Petro Poroshenko urged people on December 19 not to panic after his government nationalised the country's largest private bank to avoid a rapid financial meltdown. The former Soviet republic's cabinet on Sunday took over PrivatBank - a lender that held one-third of Ukrainians' bank deposits and even had branches in the Baltic states. / AFP PHOTO / Sergei SUPINSKY
Photo by AFP
Three years after the Revolution of Dignity, the Ukrainian economy has stabilized and is ready for growth. Will the growth be fast or slow? Dangers lie ahead, but opportunities prevail.
Success is easily taken for granted, so it is worth recalling what Ukraine has accomplished in the past three years. An unsustainable budget deficit of 10 percent of GDP has now been brought down to about 3 percent of GDP, mainly through cuts in public expenditures. The public debt has leveled out at 80 percent of GDP, while the IMF had feared it would spiral out of control. The government has sensibly reduced the exorbitant payroll tax from 45 percent to 22 percent.
Read Anders Aslund's opinion here