Ukraine used to be a very important country in the economy of the former Soviet Union. After the collapse of the USSR Ukraine’s economy was ruined and had to be rebuilt.
Ukraine has many natural resources. It produces sugar, sunflower seeds, grain. Ukraine has large mineral deposits, is rich in coal and provides the transportation of Russian and Caspian oil and gas across its territory, although Ukraine’s gas and oil natural reserves are small.
Ukraine manufactures metallurgical equipment, turbines, tractors, airplanes, diesel locomotives. Its chemical industry produces sulfuric acid, coke, mineral fertilizers; ferrous metal industry provides steel, cast iron and steel pipe.
Ukraine’s exports go to Russia, the CIS and Europe. Ukraine’s oil and natural gas is imported from Russia.
Ukraine is a member of the World Bank, the IMF and the EBRD. The level of living is getting higher every year. Ukraine has a stable macro economy and stable currency, hryvna. Personal incomes are rising from year to year. Ukraine has a good education system, highly trained personnel, developed industrial base, rich farmlands and other components of a major European economy.