The world is bracing for another economic crisis as stock markets have plunged amid concerns about slow economic growth and the size of state debts in Europe and the United States.

Economists say a repeat of the 2008 global crisis would hit Ukraine harder than more developed countries for the same reasons as three years ago: the country is over-reliant on exports of steel and chemicals; small- and medium-sized businesses are strangled by corruption, over-regulation and demand for bribes from officials; foreign investment is kept away by fears over the lack of the security of their investment; big businessmen keep profits offshore to avoid tax; state funds are wasted as officials prefer to line their own pockets.

Only fighting against these ills will allow Ukraine to insulate itself against future global shocks.


As long as this system is kept in place, Ukraine will remain without a prosperous middle class and vulnerable to external economic shocks.

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