Statement by the delegation of Ukraine at the UN GA Second Committee under Item17 "Macroeconomic Policy"

Statement by the delegation of Ukraine at the UN GA Second Committee under Item17 "Macroeconomic Policy"

Mr. Chair,

Distinguished Delegates,

Dear colleagues.

In response to the COVID-19 pandemic, there have been significant changes in the lives of many countries around the world, including Ukraine. This pandemic is altering social, economic, and financial systems compounded by the worsening economic crisis. The challenges of COVID-19 complicate the macroeconomic situation and slow down economic development. The possibility of a second wave of pandemic still remains a threat to development.

The pandemic consequences, as we see it, are more severe for vulnerable countries, in particular for the Least Developed Countries, for the Small Island Developing States as well as fragile and conflict-affected countries. The situation is also quite difficult in middle-income countries, especially if they have a high debt level.

Ukraine attaches particular importance to the development of these countries. In particular, we strongly support the request to provide additional financial recourses to maintain their stability.

Also, we believe that the international community should continue to pay increased attention to the problems of climate change, the protection of seas and oceans. In this regard, the development of the blue economy is becoming more and more relevant.

At the same time, such changes in society have opened a "window of opportunity" for the development of enterprises in the manufacturing and service sectors, which are associated with the spread of digital technology. Realization of opportunities depends on the ability of businesses to quickly revise their development strategies in order to reformat their activities to new needs, including the digital transformation of production.

Given the intensification of competition in domestic and foreign markets in the future, it is the strengthening of the investment vector of development and the implementation of state policy to stimulate exports will allow the use of external growth factors.

Mr. Chair,

In recent years, the Government of Ukraine has been ensuring reforms, including those aimed at deepening economic integration with the European Union.

During this time, a significant structural difference was the change in drivers of economic activity. This is especially true of agriculture and domestic market-oriented industries.

Attracting investment in Ukraine's economy is one of the most important issues today. New investment projects are being launched, primarily infrastructure and energy efficiency, which have led to positive structural changes in the economy in terms of active recovery of the investment component of development. It also greatly contributes to the development of public-private partnerships. One of the priority areas of regional development is also the creation of a regional network of industrial parks.

Regarding unilateral measures, Ukraine shares the views that economic, financial or trade measures such as sanctions are the most powerful non-military and effective response to the threats to global peace and security and the violation of international law.

Thank you for your attention.