Ukraine plans to reduce shadow economy by 5 percent in three years

According to Oleksiy Lyubchenko, the First Vice Prime Minister of Ukraine, the plan is to bring down the country’s shadow economy to 25% GDP in the next three-years.

According to preliminary calculations by the Ministry of Economy, today’s shadow economy accounted for 30 percent of the GDP. Lyubchenko stated that they are currently gathering to discuss proposals for de-shadowing all economic sectors. He spoke at a meeting of an interdepartmental group.

Lyubchenko said, “We must develop specific measures and find systemic solutions.”

According to an analysis note by the Ministry of Economy, Ukraine’s cash-based shadow economics reached 30% of its GDP in 2020 and 27 percent in 2019.