The impending global crisis will be a disaster for Ukrainians – expert opinion

Director of the Institute for Economic Development of Ukraine Oleksandr Goncharov said in an article for Glavred magazine that the collapse of Ukrainian markets will be a disaster, the decline in the quality of life of ordinary people and the middle class will accelerate, while taxes and fines will continue to grow at an alarming rate

The impending global crisis will be a disaster for Ukrainians - expert opinion

The expert stressed that Ukrainians may face such economic consequences because of the state budget being filled up and the depreciation of citizens’ labour costs.

“The impending global crisis will push the poor and the middle class in our country to the limit”, –  the director of the Institute for Economic Development of Ukraine foresaw.

In his opinion, there are a number of reasons for this. First and foremost, it will happen because of the rising prices of energy resources and utility rates, and the enormous global debt that is constantly growing.

The coming crisis in Ukraine will also be caused by the growing number of loss-making state corporations and bankruptcies of Ukrainian enterprises and companies with debts, and the fear of the already announced tax and fine increases.

Goncharov also emphasized that there is an “avalanche-like increase of corruption components in practically all state finances. The cause of the crisis will be the overheating of global markets and special concern over the financial pyramid in the Ukrainian domestic bond market.

In addition, the expert believes that Ukraine will experience “a new inflationary shock” as well as large-scale geopolitical risks and waves of a crown crisis.

“The truth is that rich top officials forget in vain that when poor Ukrainians feel hungry, tight and miserable, they become embittered and then aggressively seek those to blame for their troubles”, –  the expert concluded.

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