Due to the insufficiently high level of the rule of law, Ukraine potentially receives a shortfall of up to $45.3 billion. This is almost a quarter of GDP.
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In terms of basic indicators of justice, Ukraine is more than 2 times behind the countries in the region that are already members of the European Union. This is stated in the report of the EasyBusiness team on the platform of the Center for Economic Renewal. The Rule of Law Economic Index determines the state of the rule of law in Ukraine, its impact on the efficiency of economic activity and business performance.
If Ukraine’s rule of law position were to rise to the regional average, it could potentially create the conditions for a $400 increase in per capita GDP. This will allow Ukraine to catch up with Moldova’s indicators and overtake Georgia. And upon reaching the EU level, GDP per capita is expected to increase by $1,105, which is about 23% of Ukraine’s GDP (in 2021 prices).
Key rule of law gaps:
- duration of court procedures;
- effectiveness of anti-corruption mechanisms;
- the situation with the rule of law and balance in the political system under the current government.
Problems of the rule of law not only affect the system and the economy, they concern the budget, welfare, life and future of every Ukrainian.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.