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Ukraine set a world record for the pace of GDP decline

Украина установила мировой рекорд по темпу падения ВВПNew anti-record was recorded in the asset Ukrainian power.

During the years of independence the domestic economy has shrunk by a third.

During the years of independence of Ukraine, real GDP decreased by 35%. According to the world Bank, this is the worst result in the world for the last 24 years. This writes the doctor of economic Sciences Sergey Korablin.

As the author notes, of the 166 countries that had disclosed the full statistics of GDP for the years 1991-2014, it decreased only in five cases. Ukraine ahead of the martyrology of Moldova (-29%), Georgia (-15.4%), Zimbabwe (-2.3%) and Central African Republic (-0,94%).
GDP of other countries has increased. With minimal growth in Barbados (8.9 percent) and Tajikistan (10,6%) and the maximum in China (GDP increased by 10 times) and Equatorial Guinea (61 times).

“Given the domestic interest in Honduras, it can be noted that its GDP, unlike the Ukrainian, for the last 24 years, not fallen, but has increased – by 121%, exceeding 1.4 times the growth rate of world GDP (87,7%),” – said the economist.

As the author recalls, domestic production went down in the 90s because Of his annual contraction in the first nine years of independence, Ukraine has lost almost 60% of GDP. According to the expert, from the specified shock the domestic economy, in fact, never recovered. “Neither quantitatively nor qualitatively. Therefore, the current crisis, the beginning of which is usually associated with last year’s change of political power in Kiev, is nothing more than a slide to the bottom of the economic pit into which the country has hit nearly a quarter-century ago,” – said Korablin.

For 14 years, from 2000 to 2013, the domestic GDP increased by 69,8%. This is the worst result among all the republics of the former USSR. After Ukraine, the minimum GDP growth showed Estonia (75,7%) and a maximum of Tajikistan (GDP grew by 2.9 times), Turkmenistan (3.1 times) and Azerbaijan (4.8-fold).

“At this rate by the time the domestic GDP will reach the same level of 1990, Ukraine will be on the godforsaken side of the world economy, far behind their neighbors today, not being able to share neither their success nor their plans, nor the capacity,” – said the doctor of economic Sciences.

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