: :inin Kyiv (EET)

The shadow economy in Ukraine is now about 50% of the total

Millions of Ukrainians are confronted with mounting hardships this coming winter as the 8-month-old conflict with Russia-backed separatists drains the treasury of $5 million a day, corruption continues to deprive government coffers of badly needed tax revenue and Russia has canceled energy subsidies that made home heating affordable before relations between the two former Soviet republics took a sharp dive last year, the Los Angeles Times writes.
“Everything is interconnected,” said Kateryna Markevych, Expert of Economic programmes at the Razumkov Centre. “Wages are not increasing, which is reducing demand as people try to save money and buy only the basic necessities.”
That …read more

Source: Razumkov Centre

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