The economy of Ukraine is an emerging free market, with a gross domestic product that has experienced rapid growth in recent years. Ukraine’s economy is ranked 45th in the world according to 2008 GDP (nominal) with the total nominal GDP of 179,725 Millions USD, and 3920 USD GDP per capita. Formerly a major component of the economy of the Soviet Union (both in industry and agriculture), country’s economy experienced major recession during the 1990s, including hyperinflation and drastic falls in economic output; GDP growth was first registered in 2000, and reforms are continuing. In 2007 the economy continued to grow and posted real GDP growth of 7%.
However Ukraine was greatly affected by the economic crisis of 2008 and as a result the World Bank expects Ukraine`s economy is to shrink 9% in 2009 with inflation being 16.4%[7]. The Ukrainian government predicts GDP growth of 0.4% in 2009 and a slowdown in inflation to 9.5% (also in 2009), although the overwhelming majority of economists consider this forecast to be excessively optimistic. In 2008 the hryvnia (Ukraine’s currency) has dropped 38% against the US dollar, eclipsed only by the Icelandic krona and the Seychelles rupee.According to a forecast by the State Employment Center unemployment in Ukraine will triple to 9% in 2009 (there was 3% unemployment at the end of 2008), which would mean about 3 million people will apply for employment services.
