TORONTO, Canada — While addressing the Economic Club of Canada on July 3, President Volodymyr Zelensky urged Western partners to invest in Ukraine as it is “the most perspective and growing market,” noting that “our economy keeps growing and the country’s debt is shrinking.”
Zelensky said in his keynote speech: “Ukraine is continuing to move towards the West. And yesterday when I met with the representatives of the World Bank and International Monetary Fund, I have no doubts about their support.”
Ukraine has undergone a tremendous transformation from its days of as a Soviet republic with a planned economy to a functioning market economy in the last 28 years. However, this transformation is only partially complete. Although property rights are protected in principle, courts systematically fail to enforce the law for ordinary citizens. The state remains a player in certain industries, resisting large-scale privatization, while a costly moratorium on agricultural land sales — preventing the promising sector from reaching its potential — has been extended 17 times.
Amid Russia’s war against Ukraine, Ukraine successfully concluded 2018 with gross domestic product growth of 3.3 percent and an inflation rate of 9.8 percent, compared to inflation of more than 43 percent and a declining economy of almost 10 percent as recently as 2015.
Zelensky said Ukraine has laid a strong foundation for growth if serious structural reforms are made. “Two-three percent is good but we need to show at least 5-7 percent growth,” he said.
The breakfast with Zelensky brought together more than 400 guests, including ambassadors, parliamentarians, government officials, business, civil society as well as members of the Ukrainian Canadian community. It is a part of the ongoing Ukraine Reform Conference being held in Toronto July 2-4.
Zelensky said that he invested in Ukraine the most precious thing he had – time.
“I urge all of you to do the same,” he said, adding that Ukraine is ready to become an Eastern European tiger, referring to the fast-growing Asian economies.
