Editing Economy of Ukraine (section)

===1991 to 2000===
On 24 August 1991, Ukraine [[Declaration of Independence of Ukraine|established its independence]] from the [[Soviet Union]].<ref>{{cite web|url= http://gska2.rada.gov.ua:7777/site/postanova_eng/Rres_Declaration_Independence_rev12.htm|archive-url= https://web.archive.org/web/20070930203430/http://gska2.rada.gov.ua:7777/site/postanova_eng/Rres_Declaration_Independence_rev12.htm|archive-date=30 September 2007|title= Verkhovna Rada of Ukraine Resolution On Declaration of Independence of Ukraine|access-date= 12 September 2007|date= 24 August 1991|work= [[Verkhovna Rada| Verkhovna Rada of Ukraine]]}}</ref> The new state's economy suffered huge output declines and soaring inflation in the following years.<ref name="TE Mar 5th 2014">{{cite web|url=https://www.economist.com/blogs/freeexchange/2014/03/ukraine-and-russia|title=Why is Ukraine's economy in such a mess?|publisher=[[The Economist]]|date=5 Mar 2014}}</ref> Ukraine saw [[hyperinflation]] in the early 1990s because of a lack of access to financial markets and massive monetary expansion to finance government spending, while output declined sharply this was catastrophic for the economy because it undid decades of hard-fought economic progress and people became poorer.<ref name="TE Mar 5th 2014"/> Huge output declines and soaring inflation was at the time common to most [[Post-Soviet states|former Soviet republics]], but Ukraine was among the hardest hit by these problems.<ref name="TE Mar 5th 2014"/>

In response to hyperinflation the [[National Bank of Ukraine]] replaced the national currency, the [[Ukrainian karbovanets|karbovanets]], with the [[Ukrainian hryvnia|hryvnia]] in September 1996 and pledged to keep it stable in relation to the U.S. dollar.<ref name="TE Mar 5th 2014"/><ref>President's Decree dated 26 August 1996, published on 29 August</ref> The currency remained unstable through the late 1990s, particularly during the [[1998 Russian financial crisis]].<ref name="TE Mar 5th 2014"/>

Deep recession during the 1990s led to a relatively high [[Poverty|poverty rate]], but beginning in 2001, seven straight years of economic growth, raised the living standard for most citizens. A [[World Bank]] report in 2007 noted that: "Ukraine recorded one of the sharpest declines in poverty of any transition economy in recent years. The poverty rate, measured against an absolute poverty line, fell from a high of 32% in 2001 to 8% in 2005."<ref>{{Cite web|url=http://web.worldbank.org/archive/website01022A/WEB/0__CON-3.HTM|title=Economic Analysis and Evaluation – Publications & Reports|website=web.worldbank.org}}</ref> The [[United Nations|UN]] noted that Ukraine had overcome absolute poverty, and that there was only relative poverty in 2009.<ref name="UN">{{cite web|url=http://hdr.undp.org/en/media/HDR_2009_EN_Complete.pdf|title=Human Development Report 2009|date=January 2009 |publisher=HDR 2009 Statistical Tables}}</ref>