How Can Ukraine Achieve Internal and External Stability and Sustainable Growth?

Hilmar Þór Hilmarsson
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Hilmar Þór Hilmarsson: University of Akureyri, Iceland

Journal of Applied Management and Investments, 2021, vol. 10, issue 1, 21-30

Abstract: The objective of the article is to discuss how Ukraine can achieve internal and external stability and sustainable economic growth. The article argues that more inclusive and sustainable economic growth in Ukraine will require increased productivity of the economy with skilled workforce and adequate physical capital, more benefits from international trade and investment supported by closer integration into the global economy, and well-governed economy with stronger domestic institutions to withstand pressures from vested interests. At the center of these goals, the strength and durability of the transformation will depend upon successful structural reforms, commitment by political leaders in the coming years and stronger support from the international community. The US, EU and NATO should make more efforts to help Ukraine resolve the current conflict with Russia, and Russia needs to stop the military engagement in Ukraine to allow the country recover and benefit for more integration and cooperation with the West. At the same time, NATO membership and full EU membership should not be considered for now, but Ukraine should be an independent and neutral buffer state between the East and the West, with full access to the EU common market and free from the devastating effects of the current East-West competition for its people and territory. Internal and external stability is critical for fast and sustained economic growth and for Ukraine’s ability to keep more of its young and most talented human capital within its borders. Ukraine needs increased financial support from the EU, US, IMF, and the World Bank for the reconstruction of its economy.

Keywords: economic crisis; investment; capital; security; Ukraine (search for similar items in EconPapers)
JEL-codes: E60 F10 N14 (search for similar items in EconPapers)
Date: 2021
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