U.S. Treasury Secretary Scott Bessent expressed confidence during congressional hearings that within the next 20 years, the Ukrainian economy is capable of overtaking the Russian one. According to him, long-term economic stability will serve as the most effective shield for Ukraine against future aggressive actions from the Russian Federation. Bessent noted that U.S. President Donald Trump shares this view.
This is reported by Finway
Focus on Investment and Reconstruction
Scott Bessent emphasized the importance of economic security as a component of national security. He reported that the Trump administration is actively working on launching a U.S.-Ukrainian investment fund aimed at facilitating the rapid recovery of Ukraine’s economy. An international conference dedicated to the issues of Ukraine’s recovery from the devastating effects of the war will take place soon in Rome.
Restrictions for Reconstruction Participants
Bessent highlighted that no state that supported Russia in the war against Ukraine will be allowed to participate in the country’s reconstruction. The Secretary particularly stressed that aggressor countries should not benefit from the restoration of a state they themselves have destroyed.
“You cannot destroy a country, kill people, ruin lives, and then receive money for its reconstruction,” Bessent stated.
According to the latest data from the World Bank, Ukraine currently ranks 57th in the world in terms of economic size. In 2023, the country’s gross domestic product grew by 5.3% to reach $178.8 billion. In comparison, the Russian economy was estimated at $2.021 trillion in 2023, which is 11 times larger than Ukraine’s, securing it the 11th position in the global ranking.