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Ukraine – Important Facts

Ukraine is a country located in Eastern Europe bordering the Black Sea and the Sea of Azov. Neighboring countries include Belarus, Hungary, Moldova, Poland, Romania, Russia, and Slovakia. Most of Ukraine consists of fertile plains and plateaus, the Carpathian Mountains in the west, and the Crimean Peninsula in the extreme south. The government system is a republic; the chief of state is the president, and the head of government is the prime minister. Ukraine has a mixed economic system in which there is a limited private freedom, combined with centralized economic planning and government regulation.

Ukraine’s dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements and 100% of its nuclear fuel needs. In January 2009, after a two-week dispute that saw gas supplies cut off to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia that brought gas prices to “world” levels. The strict terms of the contracts further hobbled Ukraine’s cash-strapped state gas company, Naftohaz. The economy contracted nearly 15% in 2009, among the worst economic performances in the world. In April 2010, Ukraine negotiated a price discount on Russian gas imports in exchange for extending Russia’s lease on its naval base in Crimea.

Ukraine’s oligarch-dominated economy grew slowly from 2010 to 2014. After former President YANUKOVYCH fled the country during the Revolution of Dignity, the international community began efforts to stabilize the Ukrainian economy, including a March 2014 IMF assistance package of $14-18 billion. Ukraine has made significant progress on reforms designed to make the country a prosperous, democratic, and transparent country. Russia’s occupation of Crimea in March 2014 and on-going aggression in eastern Ukraine have hurt economic growth. With the loss of a major portion of Ukraine’s heavy industry in Donbas and ongoing violence, Ukraine’s economy contracted by 6.8% in 2014 and by an estimated 10.5% in 2015.

Important Details

  • Country ISO3 : UKR
  • Country Code : 804
  • Income Group : Lower middle income
  • Lending Category : IBRD
  • Region : Europe & Central Asia
  • Currency Unit: Ukrainian hryvni
  • WTO Member : Yes
  • Trade organisations : GUAM and WTO
  • world rank : 162
  • Regional Ranking : 44th in Europe