After a decade of impressive growth, Ukraine’s economy was one of the hardest-hit in the 2009 recession, and contracted by 15 per cent, according to a Financial Times report.
In a Financial Times report, Roman Olearchyk and Neil Buckley write: “Five years ago, Europe’s banks were rushing into Ukraine, paying billion-dollar prices to buy its banks in a push into what was considered one of the most promising emerging markets. Today, many of those banks are drowning in bad debt, and winding down once-aggressive retail banking operations; the European parent banks are deleveraging and, in some cases, exiting Ukraine altogether.”
The report continues: “Troubles in the eurozone played their part. But the exodus also reflects a more uncertain economic outlook compared with that of the years before the global financial crisis.”