OREANDA-NEWS. August 27, 2010. The Government hopes for economic recovery already in 2011. Prime Minister of Ukraine Mykola Azarov said this at a meeting of the Cabinet.

"Recent results of socio-economic development of Ukraine allows us to hope that next year we will completely restore the economy that has suffered serious blows due to the global crisis and poor policy of predecessors", the Head of the Government stressed.

According to Mykola Azarov, "the fact is that the Government quietly, without fuss, pragmatically overcoming numerous challenges". Moreover, the Government is stabilizing the financial situation in the country, consistently, day in day is paying debts of predecessors, conducting a balanced budget policy. According to the PM, the objective evidence of recognition of this fact is that international credit rating agencies recently and repeatedly increased Ukraine's sovereign rating. "That means that the Government could restore the investor confidence. Prudent, stable policy, of course, is boosting the economy growth, which according the results of the first half of the year made 6%", noted Mykola Azarov.

In addition, according to him, correctness of Government’s socio-economic policy is proved by objective indicators: increase by nearly 4% of the volume of retail turnover in January-July 2010, while turnover growth in May was only about 1%.

The Prime Minister also said that the consumer market price increase for seven months totalled about 3%. Moreover, according to Mykola Azarov, "even such a serious industry of economy as construction industry responded to the new economic policy: during the first half of the year - 43% of housings were put into operation, it is more than in the first half of the past year".

The Prime Minister also said that in the next year the Government could reach the indicators of industrial production in 2007, which still remains the most successful for the domestic economy.

However, Mykola Azarov noted that "in order to return only to potential of 1990 in such areas as electricity, pipes, cement, textiles, footwear, meat products, we have to increase the production by 2-3 times".