The economy of Ukraine is an emergingfree market. Like other post-Soviet states, its gross domestic product fell sharply for 10 years following the dissolution of the Soviet Union in 1991. However, it grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine as the 2008-2009 Ukrainian financial crisis. The economy recovered in 2010, but since 2013 the Ukrainian economy has been suffering from a severe downturn. In 2016 economic growth in Ukraine resumed.
The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and continued for eight years. This growth was halted by the global financial crisis of 2008, but the Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. By October 2013, the Ukrainian economy lapsed into another recession. The previous summer Ukrainian export to Russia was substantially worsened due to stricter border and customs control by Russia.The early 2014 annexation of Crimea by Russia, and the War in Donbass that started in the spring of 2014 severely damaged Ukraine's economy and severely damaged two of the most industrial oblasts. In 2013, Ukraine saw zero growth in GDP. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. In April 2017 the World Bankstated that Ukraine's economic growth rate was 2.3% in 2016, thus ending the recession.
The nation has many of the components of a major European economy â rich farmlands, a well-developed industrial base, highly trained labour, and a good education-system. As of 2014, however, the economy remains in poor condition.