![]() But the terms of trade improvements this provided, like other economic windfall gains, are fortunate only if well handled. Today, 70 percent of gas consumed in the country is imported. Over the decades Ukraine, however, grew dependent on oil and gas coming from Russia, at almost no cost. For years Russia provided Ukraine with underpriced gas while Ukraine’s export prices increased rapidly. As such, growth rates have not been low, but they come after the economically devastating 1990s and are not built on a sustainable foundation. ![]() Instead, it is seen as an underachiever, sometimes as a sick man of Europe, and perhaps even as a potentially failed state thanks to its geopolitical situation, historical burdens, and the mistakes made in institutional development and policy.Įconomically, Ukraine has grown along with the region. Ukraine never fulfilled those expectations. The largest country geographically wholly European, and the fifth-biggest European nation by size of population, it was hoped, would become a member of the European Union (EU), the North Atlantic Treaty Organization (NATO), and the Organization for Economic Cooperation and Development (OECD). When Ukraine became independent in 1991, there were expectations that it would in the near future become a wealthy free market democracy and a full member of the European and Euro-Atlantic communities.
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