Kateryna Zagoriy: Combating the Shadow Economy Begins with Individual Accountability
On June 10, Kyiv hosted the Nation’s Prosperity Forum, organised by NV media.
The event brought together executives from leading Ukrainian companies, government officials, and industry experts to discuss the country’s economic future and the key factors driving sustainable growth.
As part of the panel discussion, “Rule of Law and Combating the Shadow Economy as Foundations for Economic Development,” Kateryna Zagoriy, Chair of the Board of Directors of pharmaceutical company Darnytsya and co-founder of the Zagoriy Foundation, joined Andriy Hunder, President of the American Chamber of Commerce in Ukraine; Artem Konik, CEO of Philip Morris Ukraine; and Danylo Hetmantsev, Chair of the Verkhovna Rada Committee on Finance, Tax and Customs Policy. Moderated by investment banker Serhiy Fursa, the discussion focused on the scale of the shadow economy, the limitations of existing measures to combat illicit markets, and the role of business and civil society in driving change.
In her remarks, Kateryna Zagoriy stressed that reducing the shadow economy requires more than government action alone. Lasting progress, she noted, depends on the active involvement of both citizens and businesses. She argued that societal tolerance of tax evasion and informal economic practices perpetuates the problem and undermines fair competition.
“The shadow economy and our attitude towards it are ultimately a matter of tolerance. As long as we continue to accept it, it will continue to exist,” Kateryna Zagoriy said.
She also encouraged consumers to take greater responsibility for their purchasing decisions by requesting receipts, reporting violations, and supporting businesses that operate transparently and in compliance with the law.
Kateryna Zagoriy emphasised that the future of Ukraine’s legitimate business sector depends largely on society’s willingness to reject shadow practices.
“If we want transparent and responsible businesses to remain and grow in Ukraine after the war, no one but us can lead the fight against the shadow economy,” she concluded.