Unemployment in Ukraine

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Halankar 1

Nayan S. Halankar

Economies In Transition

Nek Buzdar, Ph.D

Unemployment in Ukraine

Ukraine is a country of 47,732,079 million people with more than 21.29 million in the labor force. It is situated between Russia and Europe. Historically, eastern Ukraine had strong links with Russia and became part of the Russian Empire under Catherine the Great, while western Ukraine was part of the Polish-Lithuanian Commonwealth and latterly of the Habsburg Empire. After Russia, the Ukrainian republic was far and away the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Shortly after independence in December 1991, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Output by 1999 had fallen to less than 40% of the 1991 level. Loose monetary policies pushed inflation to hyperinflationary levels in late 1993. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. The issue of unemployment is a widespread issue

Halankar 2
throughout the world. It does not spare first world, second world or third world countries. Ukraine is a prime example of what I think is a second world country which after the independent, experienced economic boom with it's economy. But now the economy is slowly but surely is coming back down to earth. The unemployment percentage of unemployed workers in Ukraine is high even though the statistical data does not show it. There are many ways of hiding labor surpluses or...
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