Ukraine finds itself in an economic crisis of massive proportions. In the past twelve months, its GDP has contracted by over 7.5 percent, the national deficit exceeds 10 percent, its currency has lost more than 50 percent of its value, its banks are insolvent and the national debt-to-GDP ratio has ballooned to more than 100 percent—causing a drastic drop in the standard of living for Ukraine’s citizens.Undoubtedly, Russia’s hybrid war against Ukraine has largely triggered this crisis. But the root cause of Ukraine’s economic malaise is its culture of corruption, which has persisted for decades and has earned Ukraine the …read more
Source: Atlantic Council