US Treasury Secretary: Ukraine’s economy could surpass Russia’s in 20 years
Photo: Scott Bessent, US Treasury Secretary (Getty Images)
The Ukrainian economy could surpass the Russian one in 20 years. This is possible under several conditions, states US Treasury Secretary Scott Bessent during a hearing in Congress.
Bessent emphasized that in every country, economic security is national security. According to the secretary, both he and US President Donald Trump believe that a "strong, sound Ukrainian economy over the long term will be their best defense."
He noted that when the Berlin Wall fell, the economies of Poland and Ukraine were at the same level. But today, Poland’s economy is three times larger.
"I believe that we could imagine in two decades, that the Ukrainian economy — through good management, through a partnership like this and through global investment — could be larger than the Russian economy. And I think that would provide an extreme deterrent for whoever is running Russia then," he added.
The US Treasury Secretary also reminded that a major conference on Ukraine’s recovery will take place in Rome. The US is urging the World Bank to focus on this effort.
He clarified that no country that helped Russia’s war machine — with money, troops, or weapons equipment — will be allowed to participate in Ukraine’s reconstruction.
"You do not get to destroy a country, destroy people, ruin lives, and then get paid to rebuild it," the secretary said.
Ukraine's economic growth
In May, the Fitch Ratings international agency projected that Ukraine's economy would grow by 2.5% in 2025.
At the same time, the agency expects that inflation in Ukraine will exceed 10%.
