Overview

The Ukrainian market is poised for progress, guided by a motivated, reform-minded government that has dedicated itself to rooting out market inefficiencies, improving Ukraine's business climate, and pursuing deeper economic integration into the global market. This ambitious agenda is buoyed by a population eager for stability, change, and a return to prosperity. Since the ouster of former President Yanukovych in late-February, Ukraine has made promising headway towards a brighter economic future, instituting a more transparent government procurement system, simplifying business registration requirements, and signing the economic portion of its Association Agreement with the European Union. However, this forward momentum has been attenuated by a shifting regional trade dynamic, Ukraine's overreliance on commodity exports, and still-present issues related to endemic corruption, which are challenges that will need to be managed for Ukraine's economic rebirth to come to fruition. In addition, serious security concerns remain in Eastern Ukraine, specifically in Luhansk and Donetsk oblasts, where violent clashes between the Russia-backed separatists and Ukrainian forces have escalated in recent months and have resulted in hundreds of injuries and deaths. Russian forces have occupied the Crimean Peninsula in support of the Russian Federation's attempted annexation of Crimea and these forces are likely to continue to take further actions in the Crimean Peninsula consistent with Russia's continuing occupation of this part of Ukraine. Ukraine's private sector, made up of a diverse range of local and foreign companies, has been the driving force keeping the economy afloat, creating jobs, and generating tax revenues. Major infrastructure projects are needed to improve basic quality of life standards and with the generosity of the donor countries, funding is available. The government has sent strong signals that it welcomes foreign investment, and has already taken bold steps to turn the page on the past.

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9781502326768

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