A deep economic downturn in Ukraine is a result of the coincidence of external factors, as well as populist domestic policies of the previous government, Ukrainian Prime Minister Mykola Azarov has addressed the 7th Vienna Economic Forum Monday, according to UKRINFORM.

"The populist policy is the use of public resources to achieve short-term political objectives for the power in force, and social policy - it is a support for people's purchasing power, rise in social standards, concern for the domestic market," the prime minister said.

He stressed that for the current Ukrainian government, unlike the government of Yulia Timoshenko, "social policy has become a key element".

According to Azarov, for the first nine months 2010 Ukraine's GDP growth totaled 5% against a 15% drop last year, more than 250 large investment projects have been launched, domestic trade and purchasing power increased.

"As part of preparations for EURO 2012 the authorities have already built two stadiums and two more with readiness 2/3 will be completed next year, four airports are being reconstructed, and this year about one thousand kilometers of good roads will be put into operation," the Ukrainian premier stressed.

Azarov had earlier promised that within 10 years the gross domestic product in Ukraine may be doubled.

As reported, the National Bank of Ukraine estimated GDP growth in July-September 2010 at 4%. In January-September GDP the growth makes about 5%. Moreover, Fitch ratings forecasts GDP growth in Ukraine at the level of 5% in 2010 and 4.5% in 2011.

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