Ukraine: World Bank voices concern for competitive state

The World Bank issued a report on the state of Ukraine’s private sector, issuing findings that show promise of growth but dire need to improve the nation’s market competition.

In its report “Opportunities and Challenges for Private Sector Development in Ukraine,” the World Bank noted that Ukraine’s GDP per capita is still just 10 percent of the EU average, despite the fact “the private sector has all it takes to realize Ukraine’s substantial growth potential,” according to one of the report’s authors and World Bank Senior Economist Marcin Piatkowski.

But week competition regulation and difficulty implementing legislation, combined with other factors, are preventing Ukraine from reaching its full potential, the report said.

In regards to the nation’s competition regime, the World Bank suggested the nation update its policy in line with international good practice and increase its Anti-Monopoly Committee’s independence.

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