External risks are also important.
These include: a more significant slowdown in the global economy, including in the economies of Ukraine’s main trading partners; a drop in the global prices of the commodities exported by Ukraine; persistently strong labor migration and the resulting pressures on wages; geopolitical risks, such as an escalation of the Azov Sea conflict, which could cut export earnings; uncertainty over the volume of gas transit through Ukraine starting in 2020, as pipelines bypassing the country are being built to deliver gas to Europe.