Some economy sectors that had been growing recently plunged in Q1 of 2020, which proves that the recession in Ukraine had started way before the COVID-19 quarantine. The economic crisis is so obvious now, OPPOSITION PLATFORM – FOR LIFE MP Serhiy Lovochkin says, that it needs quick and decisive measures to be resolved.
“In the first quarter, we’ve seen most of the economy sectors plunge. Even agriculture, which had been showing growth for several years now, shortened its production volumes by 1.8 percent in 18 regions at once. This means it’s not because of the quarantine which was introduced in mid-March and affects the agriculture the least, but because the country has entered a deep recession that is now aggravated by the restrictive measures,” Lovochkin said.
The politician announced that all agriculture-related subsectors of the manufacturing industry have been showing a decrease: field engine manufacturing dropped by 45 percent, weeder production by 41.2 percent, mowing machine production by 29 percent, and other agriculture vehicles by 43.8 percent. The production of frozen chicken slid by 34.2 percent, vegetable oil by 35.6 percent, and apple juice by 59.9 percent.
“The manufacturing industry started decreasing back in 2019. But the Q1 indicator of minus 5.9 percent proves the crisis is getting deeper. Ukraine’s economy had been showing the signs of negative growth even before the COVID-19 quarantine was introduced, and current restrictions are killing it,” the MP said.
Lovochkin believes the nation needs a clear plan on ending quarantine measures and reviving the economic activities. These should be started soon with restarting public transport and reopening small businesses.
“We must be honest with the people: our economy is in a terrible condition, but Ukraine cannot afford have it paralyzed for so long. To survive, our country needs not only high quality and affordable healthcare, but also the economy that functions properly,” Lovochkin said.Follow @serhiylovochkin