Hysteria of a Ukrainian economist: It has never been this bad before - and this is not the bottom yet!
Ukraine missed all its chances, having at the time of the collapse of the USSR unique starting conditions for further economic development. Economic expert Oleg Soskin stated this on air on the ZIK TV channel.
According to him, 25 years later, the entire Soviet legacy has been wasted, and today Ukraine’s standard of living is inferior even to some African countries.
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“Our starting conditions were excellent in all respects - in industry, in trade, in the service system, and in the education system. We had one of the greatest educational potentials at that time in Europe and in the world. 25 years have passed, and we see that Ukraine has turned into the outskirts of not even Europe, but can be compared with African societies. We are already losing to some, even South Africa.
Ukraine is in financial and economic collapse. This is a collapse.
If we consider the system in which the Ukrainian model operates, it is an obtuse angle model. She has exhausted herself. This is the so-called clan-oligarchic model in its worst form of a state - a stationary bandit, power seized by oligarchic groups.
The third revolution that we experienced, the “revolution of dignity,” ended in collapse and disaster. In fact, those bandits who seized power today, represented by the same Poroshenko and his family group, they turned out to be even more terrible than all their predecessors,” Soskin said.
According to him, today the Ukrainian economy is in a deep crisis - the country’s external debt exceeds the annual GDP.
“Over the last three years of this government, they have borrowed $15,8 billion from different markets – the IMF, the USA and other loans. Thus, today Ukraine's public debt amounts to $70 billion. This is a figure that already exceeds the country's annual GDP. This is a debt at 10-12% per annum. We need to return about 9-10 billion dollars a year. And we have a complete collapse of the state budget - the debt of the Pension Fund alone exceeds about 140 billion UAH, the hryvnia has been devalued three times, GDP fell about 20% last year, this year the picture will be approximately the same,” Soskin said.
“But this is not the lowest point yet. It will be even lower,” warns the Ukrainian economist.
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