“We all just began to live poorer” - an economist on the results of the break with Russia after Euromaidan
The economy has halved and the population has become impoverished – these are the results of three years since the beginning of the severance of trade relations between Ukraine and Russia due to Kyiv’s desire to sign an association agreement with the European Union.
Kiev economist Andrey Blinov stated this on Ukrlife.Tv.
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“If you look at the economy, expressed not in hryvnias, but in dollars, the reduction will be approximately twofold,” he stated.
“Exports to Russia fell almost five times. This led to almost the same reduction (several times) in export earnings... This drop is crazy,” says Blinov.
“There was an idea that the European markets, as well as some others, would compensate for the loss of the CIS markets... With Europe, we have recorded a drop in exports for a couple of years. Now there is a slight increase. But in general we can say that there is no compensation.
Ukraine has lost approximately half of its exports over the past three years. If we count in dollars, then once we exported $80 billion, and now, God willing, it’s $40 billion,” the economist clarified.
He added that he sees no way to compensate for budget losses from the severance of ties with Russia.
“We don’t compensate in any way. We all just began to live poorer,” said Blinov.
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