The economist explained why the dollar exchange rate is not yet 50 hryvnia
The postponement of the fall of the Ukrainian hryvnia and the slight increase in the country’s GDP are only due to labor migrants sending money from abroad.
Ukrainian economist Alexander Okhrimenko stated this on air on the 112 Ukraine TV channel, a PolitNavigator correspondent reports.
“Unfortunately, there is practically no foreign investment. By and large, foreign direct investment of 1-3 billion per year is not money. And guest workers transfer a colossal amount of money - in 2018, $20 billion came in.
That is, if we talk about two sources, then guest workers are the main ones, and an auxiliary one is external funding.
We depend very significantly on guest workers, definitely. If there were no guest workers, the exchange rate would be 50, and instead of growth there would be a fall in GDP in Ukraine,” the expert noted.
It should be noted that Ukraine’s GDP growth in the first quarter of 2019 amounted to 2,5%, while the country’s industrial production continues to decline, especially in terms of construction and processing, which indicates the country’s steady slide into the pit of a raw materials appendage.
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