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AIC breakthrough predicted in Ukraine

July 22, 2010

According to a report from the UN and OECD, in the next 10 years, Ukraine’s farm sector will begin to develop rapidly, growing 29%.

The report’s authors are certain that this sector of the economy will grow three times faster than in developed economies. The reasons for this will be rapid urbanization and growing disposable incomes.

According to the authors of the report, as incomes rise, per capita demand for meat and dairy products, which earlier could not easily be afforded by many, will begin to expand significantly.

Expectations are that during the next 10 years, output in the agricultural sector around the world will expand 22%. At the same time, in Western Europe farm production will remain at the same levels as today.

Over 2007-2008, world food prices grew sharply, leading to widespread demonstrations and riots in many countries. The report’s authors say prices are unlikely to jump again in the next few years, but they do warn that growing prices for oil could affect the price of foodstuffs.

Tags: agriculture