The second wave of economic crisis and its peak in Ukraine will be somewhat different from the wave of 2008, Head of the Union of Scientists-Economists Oleksandr Kendiukhov has said, UKRINFORM reported, with reference to ubr.ua.

"There won't be another collapse of the real estate market, because it has not risen until now. The level of prices will remain unchanged, for example, for real estate and cars. But consumption will decline, resulting in a reduction in production. For Ukraine, it would be something like the year 2008. The years 2013-2016 will be the peak of economic crisis," the economist said.

Kendiukhov said that the economic downturn that occurred in 2008 would last about 20 years.

"The manifestation of crisis is stipulated by a fall in the level of production in our industrial and agricultural sector. The main problem of the Ukrainian economy is a physically and morally outdated, energy-intensive and low-profit structure of national production. Moreover, our economy is fulfilling the serving function in relation to post-industrial economies - the United States and the EU. If consumption declines there, production automatically falls here," he said.

The economist said that the only way to be safe for decades was to change the structure of national production towards high-tech, highly profitable and, most importantly, export-oriented industries.

Ukrinform