Essay On Ukraine

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Ukraine is granted a market economy status by the EU and USA. The sharp economic decline in the 90s resulted in deteriorating living standards for most citizens and widespread poverty. However, during the 21st century, there has been some positive economic growth in Ukraine, as well as Eastern Europe as a whole. Ukraine’s currency, the Hryvnia, was introduced in September 1996 and has remained relatively stable. The unstable political situation in Ukraine hardly influences its economic development. GDP has been growing steadily since 2005 at an average growth rate of 7% and industrial production has been expanding by 12%. The Ukrainian economy was hit by the harsh effects of the global financial crisis but managed to attain a 4.2% …show more content…

Furthermore, while Ukrainian is currently the official language, Russian is spoken as often, especially in bigger cities. Education is very important in Eastern Europe, with 99.7% of adults being literate as well as 99.9% of youth. This focus on education leads to extraordinary minds and a very stable society. The official religion is Eastern Orthodox, however, a large portion of the population do not belong to a religion due to the propagation of Atheism during the Soviet era. Many differing religions are not as accepted in Ukraine, typically denominations from Africa and Asia, such as Islam. Currently 68.3% of the population is living in urban areas and 31.7% in rural ones. According to Emerging Europe Monitor by 2035, almost 2/3rd of Ukrainians will be city dwellers, rising to almost 80% by 2050. Technological Factors The Internet usage in the country has increased dramatically during the last years. Also, Ukrainian companies have a strong advantage in R&D. The country not only develops in the area of scientific research, but also in the area of software development that requires creativity and strong skills. According to the Ukrainian Statistical Institute, 14.2% of all enterprises were engaged in innovative activity and 11.5% introduced innovations during 2007. Furthermore, Ukrainian scientists have achieved world-class results in such fields

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