Minister Yulia Svyrydenko on economic recovery, employee reservation, governance and privatization

Despite the full-scale war, Ukraine was able to restart the Large-Scale Privatization, and foreign investors were interested in enterprises. To support business, the government launched the Made in Ukraine program, and people were able to receive support in the amount of 1,000 hryvnias ($24) at the end of the year.

Next year is not going to be easy either. The state still faces the issues of warfare, employee reservations, business support, and IDPs, but even so, the Ministry of Economy predicts economic growth of 2.7 percent compared to this year.

LIGA.net interviewed Yulia Svyrydenko, the First Vice Prime Minister and Minister of Economy, to summarize this year's results and discuss the future.

National cashback and economic results of the year

LIGA.net: What are the results of the Made in Ukraine program in 2024? Do you plan to continue supporting manufacturers next year?

Yulia Svyrydenko: Despite all the challenges of the war, the Ukrainian economy continues to recover. In the first 11 months of 2024, GDP growth was 4%, and we expect to reach this figure for the full year.

Businesses have contributed to this recovery primarily through their resilience and work against all odds. The policy of supporting Ukrainian producers "Made in Ukraine", launched by President Volodymyr Zelenskyy in February, contributed 0.64% of total GDP growth this year, which corresponds to more than 88 billion hryvnias ($2.1 billion), according to the Ministry of Economy.

The processing industry has become one of the leaders in terms of taxes paid, accounting for 16.7% of revenues to the Consolidated Budget of Ukraine in the first three quarters of 2024. Therefore, the development of processing has been and will remain a priority for the government.

Speaking about the instruments of this policy, we divide them into three areas: production development, attracting investment in the real sector, and strengthening non-resource exports.

In terms of production, the demand from the state and communities for Ukrainian goods should be facilitated by the localization policy in public procurement. We are working to improve the mechanism for identifying Ukrainian producers and want to expand localization requirements to new products, in particular in defense procurement.