Economy of Ukraine

**Economy of Ukraine**
======================

The economy of Ukraine is a developing market economy with a mixed structure. According to the International Monetary Fund (IMF), in 2021, Ukraine's GDP by PPP was approximately $588 billion, ranking it 40th globally. However, in terms of GDP per capita, Ukraine ranked last among European countries and 97th worldwide.

**History**
------------

The Ukrainian economy experienced significant fluctuations after the collapse of the Soviet Union in 1991. The country faced a rapid decline in GDP for over a decade, with excessive inflation and economic output dropping to less than half of its former level. However, from 2000 to 2008, Ukraine's economy grew rapidly, driven by a diversified industry, agriculture, and services.

**Global Economic Crisis**
---------------------------

In 2008, the global economic crisis, also known as the Great Recession, began affecting Ukraine. The country experienced an economic crisis in 2008-2009, which led to a contraction phase from 2014 to 2015. During this period, the gross domestic product (GDP) in 2015 was slightly higher than half of its value achieved in 2013.

**Recovery and Growth**
-------------------------

The Ukrainian economy began to recover in 2010 and continued to improve until 2013. However, from 2014 to 2015, it experienced a contraction phase. By 2016, the economy started growing again, with the growth rate accelerating by 2018 to about 80% of its size in 2008.

**Structure**
-------------

The Ukrainian economy is based on a diversified industry, agriculture, and services. The country's economic structure has undergone significant changes since the collapse of the Soviet Union, transitioning from a planned to a market-based economy.