Ukraine’s economic reforms: What has been done and will it succeed?

Åslund, Anders (2015) Ukraine’s economic reforms: What has been done and will it succeed? Acta Oeconomica, 65 (s1). pp. 25-38. ISSN 0001-6373

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Abstract

This article attempts to offer a picture of the state of the economic reform in Ukraine in the summer of 2015, assessing what has been done. It offers a periodisation of Ukraine’s economic policy since its independence in 1991, suggesting that Ukraine has seen three periods of significant reform and this is by far the most important. The main cause of Ukraine’s current economic decline is Russian warfare. The present situation differs greatly from that after the Orange Revolution in late 2004. These reform efforts are more far-reaching than earlier attempts, especially in the energy and banking sectors. Finally, four risks to the present reform wave are discussed. The four big risks to this reform wave lie in Russian warfare, insufficient international funding, lagging reforms in the judicial sector, and the wearing out of the coalition because of economic hardship.

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