![]() 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. In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. 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. The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia. In October 2013, the Ukrainian economy lapsed into a recession. ![]() 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. The Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. This growth was halted by the global financial crisis of 2008. GDP growth was recorded for the first time in 2000, and continued for eight years. 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. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008. In 2016, the economy again started to grow. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. The economy recovered in 2010 and continued improving until 2013. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy of Ukraine is an emerging, lower-middle income, mixed economy located in Eastern Europe. Ukraine is a member of major international and regional organizations, including the United Nations, the World Trade Organization, the European Bank for Reconstruction and Development and the Commonwealth of Independent States.All values, unless otherwise stated, are in US dollars. Ethnic Ukrainians form the overwhelming majority of the country’s population, with ethnic Russians serving as the largest minority group. The country has a rich history in literature, music, architecture and folk art, including “pysanky,” Ukrainian Easter eggs. Agricultural production and energy consumption can be made more efficient, and in doing so Ukraine could play an important role in global food security, according to the World Bank.Ĭulturally, Ukraine is influenced by Western and Central Europe, Russia to the east and by religion - the predominant faith in the country is Eastern Orthodoxy. The nation substantially relies on natural gas imports from Russia to meet its energy needs. Services, industry and agriculture are Ukraine’s three largest economic sectors. Ukraine entered a long-awaited agreement with the European Union in September 2017, a move that brings the country a step closer to President Petro Poroshenko’s goal of joining the European Union and NATO. A broader recovery has been held back, the World Bank says, by continuing conflict in the east and the need for reforms. Ukraine joined into a free trade area at the beginning of 2016, and the World Bank noted that the country’s economy did begin to show signs of a weak recovery.
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