Ukraine's economic challenges: From ailing to failing?

Ukraine's downward economic spiral started long before Russia annexed the Crimean peninsula in March 2014. The economy has been struggling since the country gained independence after the collapse of the Soviet Union. Kindled by continuous mismanagement and fuelled by political instability, the current economic crisis finally flared up in response to mounting pressure from Moscow. Kyiv is dependent on foreign aid and must conduct wide-ranging reforms. However, Moscow has multiple economic levers over Ukraine and will likely continue to contribute to further destabilisation. Moreover, Ukraine's long-standing, home-grown problems will pose significant obstacles to Kyiv's efforts to break the vicious circle and move towards a functional market economy. Please click here for the full publication in PDF format