If the war drags on, Ukraine is waiting for higher taxes and even nationalization - Economy Minister

If the war in Ukraine continues for more than “three to four months”, the government will have to take painful measures to keep the economy afloat. In particular, this is a significant increase in taxes, a sharp reduction in spending and nationalization, said the Minister of Finance of Ukraine Serhiy Marchenko in an interview with The Economist.

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According to him, customs revenues have already decreased by about a quarter due to a reduction in imports and the suspension of many duties..

Also, because of the war in Ukraine, the country loses $5 billion every month, which is 5% of Ukraine's GDP..

Also, the country is experiencing difficulties with the export of grain, which it cannot export due to the blocking of Ukrainian ports, as well as other food, which, among other things, was purchased by Europe..

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In general, the World Bank predicted a decline in Ukraine's GDP by about 45% in 2022. According to Ukraine, GDP will fall by 44%.