Ukraine's economy could potentially surpass Russia's – US treasury secretary
US Treasury Secretary Scott Bessent has said that Ukraine's economy could surpass Russia's in twenty years.
Source: Bessent during hearings in US Congress
Details: Bessent noted that a stable Ukrainian economy would be the best long-term protection for Ukraine. He added that US President Donald Trump shares this opinion.
Bessent also reiterated that when the Berlin Wall fell, the Ukrainian and Polish economies were the same, but now Poland's economy is three times ahead of Ukraine.
He said that in order to overtake the Russian economy, Ukraine needs effective governance, partnership with the United States and global investment. He emphasised that this would be a very strong deterrent for anyone who will be in charge of Russia at that time.
Meanwhile, Bessent stressed that no country that helped Russia in the war against Ukraine, with money, military or equipment for Russian weapons, would have the right to participate in the process of recovering Ukraine.
He stressed that one could not destroy a country, kill people, destroy their lives and then get money for that country’s recovery.
Background:
- Earlier, it was reported that last year, Prime Minister Denys Shmyhal said that Ukraine needed US$10-30 billion in annual investments over the next 10 years.
- At least €1 billion is needed to restore Ukraine's port infrastructure, according to the Ministry of Community and Territorial Development of Ukraine.
- Earlier, it was reported that Ukraine's transport system had suffered losses of more than US$36 billion, and the cost of recovery already exceeded US$77 billion.
- Svitlana Hrynchuk, Minister of Environmental Protection and Natural Resources of Ukraine, also reported that during the three years of Russia's full-scale war against Ukraine, Ukraine's mining sector had lost about US$1.7 trillion.
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