The Economy and Culture of Ukraine

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Introduction Ukraine is a country situated in Eastern Europe. Towards the east and northeast of Ukraine is the Russian Federation. Towards the northwest, the border of Ukraine is formed by Belarus, meanwhile on the western border are situated Poland and Hungary and the southwestern border is formed by Romania and Moldova. Water bodies including Sea of Azov and the Black Sea also border Ukraine on the southeastern and southern sides, respectively. The total area of the country is found to be 603,628 square kilometers. This makes Ukraine the second largest contiguous country situated in the European continent, the first largest being the Russian Federation. When the Soviet Union was dissolved in 1991, Ukraine became an independent country once again. After the dissolution of the Soviet Union, Ukraine had to suffer from economic recession that lasted for about eight years because of the transition towards the market economy (Macroeconomic Indicators, 2007). However, after the recession came to the end, Ukraine's economy has flourished with a significant increase in the GDP. In 2008, Ukraine was once again plunged into the economic crisis during the worldwide economic recession. From 2008 to 2009, the GDP of Ukraine dropped as much as 20 percent. However, no further decline was seen after that, according to the economic analysts. The economic situation has not been as bad as it was in the 1990s (Inozmi, 2009). In spite of all these economic ups and downs, Ukraine is an
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