Zelenskyy says Ukraine cannot remain in 'shadow part' of economic life amid ongoing war

Ukrainian President Volodymyr Zelenskyy has said that his country will not remain in the "shadow part" of economic life. Speaking to Ukrainians in his regular address, the embattled leader explained that there can be only two parts of society-those who defend independence and those who work to ensure that protection. “We simply canʼt afford to leave the shadow part of economic life in the country,” he emphasised. 

He further said, "So, there must be official employment. There must be the payment of taxes. This is the maximum expansion of economic opportunities on legal grounds. And this is a complete modernization of state institutions. Everyone who works in Ukrainian politics, who influences the public debate, should realize that there will be no more shadow in the country," Zelensky said.

Separately, he said that his administration will not cede its territories to end the ongoing war with the Russian Federation. Virtually addressing a submit of the World Economic Forum, Zelenskyy reckoned that his Russian counterpart did not fully understand the ongoing situation in Ukraine. Notably, his remarks came as the “invaders” intensified their attacks in the eastern Donbas region, making the city of Severodonetsk the epicentre. 

Meanwhile, on Thursday, Zelenskyy was asked by CNN if he would give up land to Vladimir Putin in order to end the war, the 44-year-old leader replied in the negative, underscoring that Ukrainians are fighting for their land and their own country. He added that it's a war not against anybody “but for our land, for our freedom, for our independence, and for our future."

Russia-Ukraine War leads to shrinking of Eastern European country

It has been 107 days since Moscow launched an “unprovoked military assault on Ukraine. Since then, the economy of the Eastern European country has shrunk by 15.1 per cent in the first quarter. According to the Ukrainian State Statistics Agency, the Russian invasion on February 24, forced a large number of factories to either halt or scale down their productions. This resulted in a sharp plunge in the country's economy. In a separate statement, the agency revealed that inflation has also surged in the country to 18 per cent in May from 16.4 per cent in April.  

Previously, the International Monetary Fund (IMF) in its World Economic Outlook projected the country's GDP to shrink by almost 40 percentage points. "The losses of physical infrastructure and human capital are already huge and will lead to a deep recession this year," the global organisation said in a statement. Notably, IMF itself has contributed over US$1.4 billion to the war-torn country as aid. 

(Image: Ukraine President)