EuroMaidan Revolution
Anders Aslund: Ukraine can now fix its economy — if it moves fast
Happily, Ukraine has achieved a democratic breakthrough. The country’s economy, however, remains in crisis. There has been no growth for two years. Last year Ukraine’s current account deficit was 8.9 per cent of gross domestic product; its budget deficit represents 8 per cent of GDP. The country is running out of currency reserves. It has not been able to borrow on international markets for a long time. Indeed, it was these economic ills that forced Viktor Yanukovich, the impeached president, to lead his country into the arms of Vladimir Putin’s Russia.