Editing Economy of Ukraine (section)

===2000 to 2014===
{{main| 2008–09 Ukrainian financial crisis}}
Ukraine stabilised by the early 2000s.<ref name="TE Mar 5th 2014"/> The year 2000 saw the first year of economic growth since Ukraine's independence.<ref name="UE The Underachiever">{{cite web|url=http://carnegieendowment.org/2012/03/09/underachiever-ukraine-s-economy-since-1991|archive-url=https://web.archive.org/web/20121004084742/http://carnegieendowment.org/2012/03/09/underachiever-ukraine-s-economy-since-1991|url-status=dead|archive-date=4 October 2012|title=The Underachiever: Ukraine's Economy Since 1991|publisher=[[Carnegie Endowment for International Peace]]|date=9 March 2012}}</ref> The economy continued to grow thanks to a 50% growth in exports between 2000 and 2008<ref name="UE The Underachiever"/> – mainly exports from the traditional industries of metals, metallurgy, engineering, chemicals, and food.<ref name="UE The Underachiever"/> Between 2001 and 2008, metals and chemicals prices boomed because of fast international economic growth, while the price of natural gas imported from Russia remained low.<ref name="UE The Underachiever"/>

[[Monetization|Monetisation]] also helped to drive the [[Economic expansion|economic boom]] Ukraine experienced between 2000 and 2008.<ref name="UE The Underachiever"/> Attracted in part by relatively high interest-rates, foreign cash was injected into Ukraine's economy and money supply grew rapidly: from 2001 to 2010 broad, money increased at an annual rate of 35%.<ref name="TE Mar 5th 2014"/> In 2006 and 2007, credit growth averaged 73%.<ref name="TE Mar 5th 2014"/>

An effect of this was that Ukrainian assets began to look like a large [[economic bubble]] and high inflation started to damage Ukraine's export competitiveness.<ref name="TE Mar 5th 2014"/> The ratio of credit to GDP grew extremely fast – from 7% to almost 80% over just several{{quantify|date=November 2018}} years.<ref name="UE The Underachiever"/> From 2000 to 2007, Ukraine's real growth averaged 7.4%.<ref name="UE The Underachiever"/> This growth was driven by domestic demand: orientation toward consumption, other structural change, and financial development.<ref name="UE The Underachiever"/>

Domestic demand grew in constant prices by almost 15% annually.<ref name="UE The Underachiever"/> It was supported by expansionary—[[Procyclical and countercyclical variables|procyclical]]—fiscal policy.<ref name="UE The Underachiever"/> Ukraine benefited from very low labour costs, slightly lower tariffs, and high prices of its main export goods, but at the same time faced notably higher non-tariff barriers.<ref name="UE The Underachiever"/> Russia has not charged Ukraine below-world-market prices for natural gas since the end of 2008. This led to various [[Russia–Ukraine gas disputes]].<ref name="UE The Underachiever"/><ref>{{cite book|url=https://books.google.com/books?id=2zJdAgAAQBAJ&dq=Ukraine+below+world+market+prices+for+natural+gas&pg=PA34|title=Unconventional Gas Reservoirs: Evaluation, Appraisal, and Development|author=M. Rafiqul Islam|publisher=[[Gulf Publishing Company]]|date=7 November 2014|isbn=978-0128003909|page=34}}</ref><ref name="UE The Underachiever B"/><ref>
{{cite news
| title = Ukraine and Russia reach gas deal
| work= [[BBC News]]
| date = 4 January 2006
| url = http://news.bbc.co.uk/1/hi/world/europe/4579648.stm
| access-date = 17 December 2008}}
</ref>

[[2008–2009 Ukrainian financial crisis|Ukraine suffered severely]] in the [[Great Recession|economic crisis of 2008]]. Because of it Ukraine experienced a drought in capital flows.<ref name="TE Mar 5th 2014"/> The hryvnia, which had been pegged at a rate of 5:1 to the U.S. dollar, was devalued to 8:1, and was stabilised at that ratio until the beginning of 2014.<ref name=VhaUSdGF>{{cite web|url=https://www.google.com/finance/quote/USD-UAH|title=US Dollar ($) ⇨ Ukrainian Hryvnia (UAH)]|publisher=[[Google Finance]]}}</ref> In 2008, Ukraine's economy ranked [[List of countries by GDP (nominal)|45th in the world]] according to GDP (nominal), with a total nominal GDP of US$188 billion, and nominal per capita GDP of US$3,900. There was 3% unemployment at the end of 2008. Over the first 9 months of 2009, unemployment averaged 9.4%.<ref>{{cite web|url=http://www.ukrinform.ua/eng/order/?id=178325|title=Unemployment lower in Ukraine against EU countries|url-status=dead|archive-url=https://web.archive.org/web/20110716162846/http://www.ukrinform.ua/eng/order/?id=178325 |archive-date=16 July 2011 |publisher=[[UKRINFORM]]|date=12 January 2009}}</ref> The final official unemployment rates for 2009 and 2010 were 8.8% and 8.4%,<ref name="CIAFactbook"/> although the [[The World Factbook|CIA World Factbook]] notes a "large number of unregistered or underemployed workers".<ref name="CIAFactbook"/> Ukraine's GDP fell by 15% in 2009.<ref name="TE Mar 5th 2014"/>

The Ukrainian economy recovered in the first quarter of 2010<ref name=UkrEcoQ12010>{{cite web|url=http://www.unian.net/eng/news/news-377569.html|title=Ukraine – Macroeconomic situation – April 2010|publisher=[[UNIAN]]|date=19 May 2010}}</ref> due to the recovery of the world economy and increasing prices for metals.<ref name="UE The Underachiever B">{{cite web|url=http://carnegieendowment.org/2012/04/02/reforming-ukrainian-economy-under-yanukovych-first-two-years|archive-url=https://web.archive.org/web/20140403054626/http://carnegieendowment.org/2012/04/02/reforming-ukrainian-economy-under-yanukovych-first-two-years|url-status=dead|archive-date=3 April 2014|title=Reforming the Ukrainian Economy under Yanukovych: The First Two Years|publisher=[[Carnegie Endowment for International Peace]]|date=2 April 2012}}</ref> Ukraine's real GDP growth in 2010 was 4.3%, leading to a per capita [[Purchasing power parity|PPP]] GDP of US$6,700.<ref name="CIAFactbook">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/ukraine/|title=Ukraine Economy – GDP real growth rate.|date=22 December 2024 |publisher=[[CIA World Factbook]]}}</ref> In 2011, Ukrainian politicians estimated that 40% of Ukraine's economy was a [[Black market|shadow economy]].<ref name=shadow1>{{cite web|url=http://www.feg.org.ua/en/news/foundation_press/262.html|script-title=uk:К сожалению, запрашиваемая страница не существует.|trans-title=N. Korolevskaya: Ukraine Needs a Single Anti-Corruption Project|url-status=live<!--as of 23 Sep 2024-->|archive-url=https://web.archive.org/web/20160303233026/http://www.feg.org.ua/en/news/foundation_press/262.html |archive-date=3 March 2016 |publisher=[[Foundation for Effective Governance]]}}</ref><ref name=shadow2>{{cite web|url=http://www.interfax.com.ua/eng/main/88030/|title=Azarov: Shadow trade accounts for 40% of domestic market|url-status=dead|archive-url=https://web.archive.org/web/20120609121541/http://www.interfax.com.ua/eng/main/88030/ |archive-date=9 June 2012 |publisher=[[Interfax Ukraine]] |date=7 December 2011}}</ref>

In the summer of 2013, Ukrainian exports to Russia fell substantially due to [[Ukraine–European Union relations#Russian reaction|Russia's stricter customs controls]].<ref name=rsbcdue/>

By October 2013, the Ukrainian economy had become stuck in recession.<ref name=Reuters171013>{{cite web|url=https://www.reuters.com/article/us-emerging-ukraine-debt-idUSBRE99G06F20131017 |title=Big debts and dwindling cash: Ukraine tests creditors' nerves|publisher=[[Reuters]]|date=17 October 2013}}</ref> [[Moody's Investors Service|Moody's]] downgraded Ukraine's credit rating to [[Moody's#Global Credit Research|Caa1]] (poor quality and very high credit risk) in September 2013.<ref name=Reuters171013/><ref name="Moody's Definitions">{{cite web |url= http://www.moodys.com/ratings-process/Ratings-Definitions/002002 |title= Ratings Definitions |year= 2011 |work= moodys.com |publisher= [[Moody's Investors Service]] |access-date= 30 August 2011}}</ref><ref name="IOSCO 03">{{cite web |url= http://www.fsa.go.jp/inter/ios/20030930/05.pdf |title= Report on the Activities of Credit Rating Agencies |date= September 2003 |publisher= The Technical Committee of the [[International Organization of Securities Commissions]] |access-date= 1 December 2011}}</ref> At the time, [[Swap (finance)#Swap market|swap market]]s rated Ukraine's [[Probability of default|default probability]] over the next five years at 50%.<ref name=Reuters171013/> In 2013, Ukraine saw no growth in GDP.<ref name=AJstnste/>