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Wed, 05 Nov, 2014 12:00:54 AM FTimes- Xinhua Report, Nov. 05
The ongoing political and economic crisis in Ukraine may lead to significant decrease in real household income in the country, a sociological expert said here Tuesday.
"At the end of this year, we expect the real incomes of Ukrainians to drop around 20 percent," said Lyudmila Cherenko, an expert in the Kiev-based Institute of Demography and Social Studies.
Speaking during a press conference here, Cherenko said that the current recession has further expanded income gap between the rich and the poor.
Emphasizing that the growing income inequality is being exacerbated by the ineffective social policy, Cherenko urged the government to find instruments for supporting the economy, while increasing social welfare for the most vulnerable groups.
Ukraine is now experiencing its worst economic crisis since independence in 1991 due to the unrest in eastern regions and exports decline. The country' s inflation is projected to reach 19 percent this year.
In 2013, Ukraine's GDP per capita stood at 3,919 U.S. dollars, which is defined as middle-income according to the World's Bank's classification.
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