The Ukrainian government has approved a budget declaration for the years 2027-2029, forecasting a significant increase in social standards, including a rise in average salaries. According to Prime Minister Yulia Svyrydenko, the average salary is expected to exceed 44,000 UAH by 2029.
In her announcement, Svyrydenko indicated that the minimum wage will increase at a rate surpassing inflation. She stated, “The average salary is projected to rise from 35,010 UAH to 44,083 UAH, while inflation is expected to slow from 8.9% to 5.1%.” This reflects the government’s strategy to enhance economic stability and improve living standards.
The declaration outlines that the minimum subsistence level will increase at a pace of inflation plus two percentage points over the next three years. Economic growth is anticipated to accelerate, with real GDP growth projected at 4.5% in 2027, 5.3% in 2028, and 6.7% in 2029.
Svyrydenko emphasized that the budget declaration aligns with commitments made to international partners and external financial support programs. She noted that it is based on a fundamental scenario that assumes an improvement in the security situation starting in 2027, while also preparing for a scenario of resilience in the event of prolonged active combat.
Furthermore, the government plans to continue supporting veterans and individuals affected by armed aggression, while also creating conditions for the return of displaced migrants and the restoration of human capital.
Economic Development Forecast
As reported by UNIAN, the government presented key parameters of the budget declaration to parliament. The plan includes raising social standards at a rate that exceeds projected inflation. The minimum wage is expected to increase by 10.4% in 2027, 8.7% in 2028, and 7.1% in 2029.
According to the economic and social development forecast for 2027-2029, the average salary in Ukraine is projected to reach 30,088 UAH by the end of 2026, with further increases expected, culminating in over 44,000 UAH by 2029.
The Ukrainian government has outlined a budget declaration for 2027-2029, projecting significant increases in average salaries and economic growth. The plan includes measures to enhance social standards while addressing the needs of veterans and displaced individuals.
Source: UNIAN