Skip to main content

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated Cookie policy, Privacy policy and Terms & Conditions

Ukraine Pacific Press/Getty Images

Safeguarding Ukraine’s Progress

Ukraine’s immediate economic crisis has been resolved, but its economy remains fragile and needs international support from bodies such as the IMF, which approved a new disbursement for the country last month. Still, if Ukraine's new government becomes complacent, the country’s recent gains could be lost.

KYIV – Ukraine’s immediate economic crisis has been resolved, but its economy remains fragile and still needs international support. If the new Ukrainian government becomes complacent, the country’s gains could be lost.

Ukraine has come a long way since the 2013-2014 “Euromaidan” uprising. When former President Viktor Yanukovych fled to Russia in February 2014, the Ukrainian economy was in free-fall, contracting by 17% in just two years. Ukraine’s budget and external deficits had already become unsustainable and needed radical restructuring, so Russian aggression was enough to push the economy over the edge.

By the end of 2015, former Ukrainian Prime Minister Arseniy Yatsenyuk had made remarkable progress in sorting out the country’s finances, but only in the areas where he and his technocratic reformers were in charge.

We hope you're enjoying Project Syndicate.

To continue reading, subscribe now.


Get unlimited access to PS premium content, including in-depth commentaries, book reviews, exclusive interviews, On Point, the Big Picture, the PS Archive, and our annual year-ahead magazine.;
  1. op_dervis1_Mikhail SvetlovGetty Images_PutinXiJinpingshakehands Mikhail Svetlov/Getty Images

    Cronies Everywhere

    Kemal Derviş

    Three recent books demonstrate that there are as many differences between crony-capitalist systems as there are similarities. And while deep-seated corruption is usually associated with autocracies like modern-day Russia, democracies have no reason to assume that they are immune.