Ukraine : Opportunities and Challenges for Private Sector Development

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 (...

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Bibliographic Details
Main Author:	International Finance Corporation
Format:	PSD, Privatization and Industrial Policy
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	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
Online Access:	http://documents.worldbank.org/curated/en/2014/01/18793736/opportunities-challenges-private-sector-development-ukraine http://hdl.handle.net/10986/16711

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Summary:	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.

Ukraine : Opportunities and Challenges for Private Sector Development

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