#Commentary of Marina Zheynova on new anti-records of Ukraine, or how the economy wallops low

The Ukrainian press constantly informs about all new ‘achievements’ of the country’s economy. This week, for example, the director of the Financial Stability Department (although it is be better to say the instability) of the NBU (National Bank of Ukraine) Vavrishchuk told that Ukraine has set a new world record – in the number of accumulating debts on loans.

What does the new record mean for the life of a simple Ukrainian? You do not be an economic expert to understand: the Ukrainian population is below the poverty line and has become unable to fulfill its debt obligations.

However, the impoverishment of the population is a consequence of the impoverishment of a state, which will continue. In the economy, everything is interconnected: the availability of “idle” loans and their number affect the GDP indicators, which in turn affect the state of the country’s economy.

But these are not the only ‘victories’ of the Ukrainian economy. Thus, according to the Ukrainian press, over the past quarter-century the Ukrainian economy has shrunk by one-third. And this is the worst (!) result in the world over the past 24 years.

In addition, an important indicator is the quality of Ukraine’s GDP. If the EU agricultural output is 3% of production, then in Ukraine – 11%, while agricultural products account for 33% of the country’s exports. What does it say about? At a time when developed countries invest in science and high-tech production, Ukraine produces and sells raw materials.

What is typical, the Ukrainian authorities do not even try to change the situation, revive science, high-tech production, being content with the role of a raw appendage of the West.

A different view on industrial production and science is seen in the Donetsk People’s Republic. So, according to the report of Acting Deputy Chairman of the Council of Ministers Alexander Timofeyev, this year the first state corporation Scientific and Production Association “Progress” was established in the Republic. The purpose of its creation is the development and introduction of new competitive technologies, including those on the foreign market, into production. Despite being unrecognized and martial law, we are looking forward to the future – with a knowledge-based, high-tech industry, high rates of development. This has always been and is bound to be the Donbass.

Marina Zheynova, the DPR People’s Council deputy

Official website of the DPR People’s Council

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