The World Bank has assessed the consequences of the salary increase in Ukraine

News

The World Bank has assessed the consequences of the salary increase in Ukraine

09.10.2020 News

The increase of the minimum wage in Ukraine from UAH 5,000 to UAH 6,500 in 2021 may increase the state budget deficit to more than 6% of gross domestic product. This is stated in the economic review of the World Bank.

In addition, the increase in the minimum wage will increase the overall need to finance the expenditure side of the state budget to more than 13% of GDP.

Risks for Ukraine are associated with significant financing needs, with the need for payments on the public debt in 2021 and 2022 will exceed 7% of GDP, according to the World Bank estimates.

At the same time, Ukraine expects to receive $ 2.9 billion in additional official financing from the IMF, WB and EU by the end of this year. If they are delayed, the government will have to limit spending or borrow more domestically, the World Bank said.

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