Ukraine : Opportunities and Challenges for Private Sector Development
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World Bank, Washington, DC
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Ukraine has untapped growth potential.
Ukraine has one of the most fertile agricultural lands in
the world, an attractive geographical location in Europe,
bordering the European Union, the largest market in the
world with a Gross Domestic Product (GDP) of more than $16
trillion, and a large domestic market of almost 50 million
consumers. This note argues that the stunted growth of the
private sector goes a long way in explaining Ukraine's
poor growth performance. The tepid private sector growth is
reflected in: the stagnant structure of the country's
exports, where old industries such as steel, machine
building and chemicals continue to predominate, operating at
low levels of industrial productivity, which has grown at a
much slow pace than in peer countries in the last decade;
the low inflow of high value-added Foreign Direct Investment
(FDI), especially in export-oriented manufacturing; and the
relatively limited role of Small Medium Enterprises (SMEs)
in the development of the economy. All of these factors
suggest that the market-driven process of entrepreneurship,
innovation and productivity does not seem to work properly,
undermining Ukraine's growth prospects. The note
identifies weaknesses in the regulatory environment, limited
access to finance and lack of competition as the main
constraints to private sector development and offers
short-and medium-term policy reform options. The note is
structured as follows. The first chapter uncovers the roots
of the tepid private sector growth. The following three
chapters focus on the three main constraints to private
sector development, reviewing weaknesses on the business
regulatory framework, access to finance, and competition,
and providing recommendations. The last chapter concludes.
Palabras clave
ACCESS TO INFORMATION, ACTION PLAN, AGRICULTURE, ALLOCATIVE EFFICIENCY, AUTOMOBILES, BANKING SERVICES, BANKRUPTCY, BARRIERS TO ENTRY, BUSINESS ACTIVITIES, BUSINESS ASSOCIATION, BUSINESS ASSOCIATIONS, BUSINESS CLIMATE, BUSINESS DECISIONS, BUSINESS ENTITIES, BUSINESS ENVIRONMENT, BUSINESS ENVIRONMENT RANKINGS, BUSINESS REGISTRATION, BUSINESS REGULATION, BUSINESS REGULATIONS, BUSINESS SECTOR, BUSINESS TRANSACTIONS, BUSINESSES, CAPITAL INVESTMENT, CAPITAL MARKETS, CARTEL, CENTRAL BANK, CERTIFICATES, CERTIFICATES OF DEPOSIT, CHEMICAL INDUSTRY, COAL, COMMERCE, COMMODITIES, COMMODITY, COMMUNICATION TECHNOLOGIES, COMPARATIVE ADVANTAGE, COMPARATIVE ADVANTAGES, COMPETITION POLICY, COMPREHENSIVE STRATEGY, CONSUMER PROTECTION, CONSUMERS, COPYRIGHT, COPYRIGHT CLEARANCE, COPYRIGHT CLEARANCE CENTER, CORPORATE GOVERNANCE, CPI, CREDIT HISTORIES, CREDIT RISK, CREDIT RISK MANAGEMENT, CUSTOMS, DEBT, DECENTRALIZATION, DEPOSITS, DEVELOPED COUNTRIES, DEVELOPMENT STRATEGIES, DISCLOSURE REQUIREMENTS, DOMESTIC MARKET, E-GOVERNMENT, E-MAIL, ECONOMIC ASSETS, ECONOMIC COOPERATION, ECONOMIC DEVELOPMENT, ECONOMIC EFFECTS, ECONOMIC EFFICIENCY, ECONOMIC GROWTH, ECONOMIC HISTORY, ECONOMIC MODELS, ECONOMIC OUTLOOK, ECONOMIC PERFORMANCE, ECONOMIC POLICY REFORM, ECONOMIC POWER, ECONOMIC RESOURCES, ECONOMIES OF SCALE, ELECTRICITY, ENERGY CONSUMPTION, ENERGY EFFICIENCY, ENTERPRISE SURVEY, ENTERPRISE SURVEYS, ENVIRONMENTS, EXCHANGE RATE, EXPORT MARKETS, EXPORTS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL SECTOR, FISCAL POLICY, FLEXIBLE EXCHANGE RATE, FOREIGN BANKS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FREE TRADE, GDP, GDP PER CAPITA, GLOBAL COMPETITIVENESS, GOVERNMENT POLICIES, GOVERNMENT REGULATION, GROSS DOMESTIC PRODUCT, GROWTH POLICIES, GROWTH POTENTIAL, GROWTH PROJECTIONS, GROWTH RATE, HARMONIZATION, HUMAN CAPITAL, ICT, IMPACT ASSESSMENT, IMPACT ASSESSMENTS, INCOME, INCOME LEVELS, INCOMES, INDUSTRIAL BASE, INDUSTRIAL PRODUCTION, INDUSTRY STANDARDS, INEFFICIENCY, INFORMATION INFRASTRUCTURE, INITIAL PUBLIC OFFERING, INNOVATION, INNOVATION POLICY, INSPECTION, INSPECTIONS, INSTITUTIONAL CAPACITIES, INSTITUTIONAL FRAMEWORK, INTEREST RATE, INTEREST RATES, INTERNATIONAL BEST PRACTICE, INTERNATIONAL COMPETITION, INTERNATIONAL INVESTMENT, INTERNATIONAL STANDARDS, LABOR COSTS, LABOR PRODUCTIVITY, LAW ENFORCEMENT, LEGAL FRAMEWORK, LEGISLATIVE FRAMEWORKS, LEGISLATIVE REFORM, LICENSES, LIMITED ACCESS, LIVING STANDARDS, MANAGEMENT SYSTEM, MANUFACTURING, MARKET COMPETITION, MARKET ECONOMIES, MARKET ECONOMY, MARKET STRUCTURE, MARKET TRANSPARENCY, MATERIAL, MEDIUM ENTERPRISE, MEDIUM ENTERPRISES, MERGERS, MONOPOLY, MONOPOLY RENTS, NATIONAL BANK, NATURAL MONOPOLIES, NATURAL RESOURCES, NEW MARKETS, OIL, ONLINE REGISTRATION, OPPORTUNITY COST, OPTIMIZATION, OWNERSHIP STRUCTURE, PER CAPITA INCOME, PLANNED ECONOMIES, POLICY FRAMEWORK, POLITICAL ECONOMY, PORTFOLIO, POTENTIAL INVESTORS, PRICE COMPETITIVENESS, PRIVATE SECTOR, PRIVATE SECTOR DEVELOPMENT, PRIVATE SECTOR GROWTH, PRIVATE SECTORS, PROCUREMENT, PRODUCERS, PRODUCT INNOVATION, PRODUCTION EFFICIENCY, PRODUCTIVITY GROWTH, PROPERTY RIGHTS, PUBLIC ADMINISTRATION, PUBLIC HEARINGS, QUERIES, REAL GDP, RED TAPE, REGISTRY, REGULATORY CAPTURE, REGULATORY ENVIRONMENT, REGULATORY ENVIRONMENTS, REGULATORY FRAMEWORK, REGULATORY POLICY, REGULATORY SYSTEM, RESULT, RESULTS, RETAIL TRADE, RISK AVERSION, RISK MANAGEMENT, SECURE PROPERTY RIGHTS, STATE CAPTURE, STOCK MARKET, STOCK MARKET CAPITALIZATION, SUPERVISION, TAX, TAX RATES, TAXATION, TECHNICAL ASSISTANCE, TELECOMMUNICATIONS, TELEPHONE, TERMS OF TRADE, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TRANSITION ECONOMIES, TURNOVER, UNFAIR COMPETITION, USER, VALUE ADDED, WAGES, WEAK ENFORCEMENT, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO