MainPolitical

IMF: corruption costs Ukraine 2% GDP growth per year

Ukraine's GDP would grow by 5% instead of 3% this year without high corruption.

IMF: corruption costs Ukraine 2% GDP growth per year
Gosta Ljungman
Photo: minfin.com.ua

The high level of corruption costs Ukraine a 2%-per-cent growth of GDP per year, IMF Resident Representative in Ukraine Gosta Ljungman has said.

He presented the latest update of the European Regional Economic Outlook in Kyiv this morning.

A full video of his speech in English is available below.

“Our assessment of the cost of corruption is that it reduces GDP growth by about 2% per year compared to European countries. So, if Ukraine could bring down corruption to the average European level, its GDP would grow by 5% rather than 3%," Ljungman said.

Ljungman was appointed the IMF Resident Representative in Ukraine in summer 2017.

Read LB.ua news on social networks Facebook and Twitter