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Viktor Yushchenko spoke Wednesday of a "systematic crisis" in the country's economy
Ukrainian President Viktor Yushchenko spoke Wednesday of a "systematic crisis" in the country's economy, and said he hoped to see the economy revitalize. Speaking at a cabinet meeting Wednesday, the Ukrainian president cited administrative interference as the main cause of the economic problems. "Administrative intervention in the country's economy has been a serious setback in the country's development during the last nine months. We must face up to this. This interference has caused a systemic crisis," he said. Yushchenko also discussed the problem of natural gas consumption and gas prices in Ukraine. "Natural gas prices in the country are the lowest in the CIS [Commonwealth of Independent States]," Yushchenko said, adding that the Ukrainian consumer paid $37 per 1,000 cu. m, whereas even in gas-producing Russia, the price was already $41. The cabinet meeting was held to discuss the results of the country's socio-economic development for the first nine months of 2005. During this period, Ukraine experienced GDP growth of 2.8%, while inflation climbed to 8.1%. Commenting on these figures, Economy Minister Arseniy Yatsenyuk described them as "quite ominous."
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