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As of 2016, Ukrainian shadow economy level declined to 34% GDP
04.07.2017 14:19 "Agro Perspectiva" (Kyiv) —
Within 2016, the level of the Ukrainian shadow economy declined to 34% of GDP, down 6% against 2015, Ukrinform says referring to the Ukrainian Economic Development and Trade Ministry preliminary report.
As to the report, in part., the level of shadow economy was reduced due to the consolidation of macroeconomic stability and the renewal of economic growth; improvement of business climate due to the carried out deregulation policy; and the legalization of the labor market due to a lower social security tax.
In meanwhile, the report admits, that the process of de-shadowing is now hampered by a number of problems that negatively affect the indicators of the Ukrainian economic development as a whole. In particular, significant challenges to the stability of Ukrainian financial system in the conditions of the ongoing liquidation of insolvent banks and their withdrawal from the market; tensions in international relations with the Russian Federation; the presence of government uncontrolled territories; low confidence in the institutions of power.
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