National Bank foresees economy growth stipulated by land market opening in Ukraine

The National Bank of Ukraine (NBU) considers land reform to be one of the factors for rapid economic growth, approximately 7% per year, UNN reports.

"The economic situation in Ukraine is recovering. Currently, there are no such imbalances, the accumulation of which occurred before 2014. The economy can grow faster than 3.5-4%," said Dmytro Solohub, Deputy Chairman of the National Bank of Ukraine.

However, he stressed that the state had to take the necessary steps.

"In order for the economy to grow faster, approximately 7% a year, the state should implement the following reforms from an investment perspective: land reform, privatization reform and others that contribute to its development. We should not only talk about them but really implement them," commented the NBU Deputy Chairman.

Related story: Global Farmland Market: Options and Restrictions

As reported, low and stable inflation is the key to sustainable economic growth.

"Business cannot plan its expenses and investment projects if today's inflation is 0% and tomorrow it exceeds 30%," summed up Dmytro Solohub.

Previously reported that by August 1st, 2020, all farmland in Ukraine is to be registered in the State Service of Ukraine for Geodesy, Cartography & Cadastre (StateGeoCadastre).

The new edition of the infographic guide Ukrainian Agribusiness 2018/19 is available for download.