Hetmantsev highlights: Half of Ukrainian economy remains in the shadows
The Head of the Verkhovna Rada Committee on Finance, Danylo Hetmantsev, known for his detailed insights into Ukraine’s economic condition, made a significant statement regarding the scale of the informal sector in the country.
According to him, approximately 50% of Ukraine’s economic activities are conducted in the shadow economy, operating outside official frameworks and government oversight.
This enormous volume of concealed income, estimated by experts at nearly one trillion hryvnias, could, if legalized, dramatically improve Ukraine’s financial situation.
Hetmantsev emphasized that without tapping into this resource, Ukraine cannot fully raise salaries for teachers and healthcare workers or provide adequate pensions.
Importantly, many Ukrainians are often unaware of what digitization and formalization truly mean.
If receipts are not issued during purchases, it implies that part of their pension contributions is diverted to tax evaders and corruption schemes, which ultimately hampers the state’s budget.
He further clarified that corruption and the shadow economy are essentially two sides of the same coin.
The politician also pointed out that the shadow sector undermines the country’s economic foundation, reducing its developmental potential.
Meanwhile, Ukraine continues its fight against the consequences of war, which the General Staff of the Armed Forces reports costs the country approximately 172 million dollars daily.
To sustain its defense and recover from the economic damages caused by conflict, Ukraine heavily depends on international support and cooperation.