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Concept
Economy of Ukraine
Summary
The economy of Ukraine is an emerging, lower-middle income, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.
The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and continued for eight years. This growth was halted by the global financial crisis of 2008. The Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. In the early 2010s, Ukraine was noted as possessing many of the components of a major European economy, such as rich farmlands, a well-developed industrial base, highly trained labour, and a good education system. It also has important mineral resources.
In October 2013, the Ukrainian economy lapsed into a recession. The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia. The early 2014 annexation of Crimea by Russia, and the war in Donbas that started in the spring of 2014 severely damaged Ukraine's economy and severely damaged two of Ukraine's most industrial regions. In 2013, Ukraine saw zero GDP growth. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession. Despite these improvements, Ukraine remains the poorest country in Europe, which some have attributed to high corruption levels and the slow pace of economic liberalization and institutional reform.
Official source
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