Ukraine: Impact and Recovery from the Crisis
The Ukrainian economy was on the rise immediately prior to the global financial crisis. The average annual growth rate was 7.5% in the country’s national economy since 2000 up till the third quarter of 2008. Respectively, the government was practicing rather moderate tax policies with the budget deficit going above 1.5% of the GDP only once (i.e. in 2004, the year of the presidential elections). Country’s external debt was also decreasing. Considerable demand of international markets generated by dramatically growing developing economies had facilitated Ukraine’s export, which also showed record-breaking growth rates.
KeywordsFinancial Crisis International Monetary Fund Banking System Banking Sector Presidential Election
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