The economy of modern Ukraine
On August 24th of 1991 the Ukraine Supreme council declared the country’s independence following the breaking up of the former Soviet Union. By December 1st of the same year this was confirmed and passed by referendum. The Ukraine constitution was ratified and passed in 1996.
The Ukrainian Economics
Ukrainian economic figures from 1990 to 2000 show a bleak picture. The share of Machinery in use for industrial production went from 31% to 14%. The Ukrainian is the 8th largest GDP in the world. By the end of 2009 the GDP had taken a fall of 41% and by end of 2009 their GDP was down 14.1%. Making it one of worst drops in the world. Also in 2009 the industrial decline was 25%, with only 2 countries suffering a worse decline. By March of 2010 the Ukraine debt had reached 93.5% of the GDP, while GDP growth for July of that year only amounted to 3.7%. According to the Prime Minister, in March 2011, if not for a $100 discount on gas, to the Ukraine, from Russia.
Moving Toward Solutions
The Ukraine’s strategy going forward to 2030 is two fold. First, a reduction of energy consumption, such as, gas and oil use in power plants. Second, energy development including, a priority of coal usage along with nuclear and and hydro power. Also the development of other fuels such as methane.
The Ukraine and other countries in the world need to adjust to new pricing structures in energy due to external factors as well as develop alternative energies to survive.