Ukraine Tenders

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The economy of Ukraine is an emerging free-market economy. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine as the 2008–2009 Ukrainian financial crisis. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008. Ukraine is home to companies operating in around 20 major industries, namely power generation, fuel, ferrous and non-ferrous metallurgy, chemical and petrochemical and gas, machine building and metal-working, forest, wood-working and wood pulp and paper, construction materials, light, food and others. Industry accounted for 26% of GDP in 2012. The country has a massive high-tech industrial base, including electronics, arms industry and space program. Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in the country are largely exhausted, it has other important energy sources, such as coal, hydroelectricity and nuclear-fuel raw materials. Exports of Ukrainian goods in 2021 have reached a record US$68.24 billion. In April 2020, the World Bank reported that economic growth was solid at 3.2 percent in 2019, led by a good agricultural harvest and sectors dependent on domestic consumption. Household consumption grew by 11.9 percent in 2019, supported by sizable remittance inflows and a resumption of consumer lending, while domestic trade and agriculture grew by 3.4 and 1.3 percent, respectively. However, in 2020 GDP collapsed by 4.4 percent due to COVID-19 pandemic. Due to the 2022 Russian invasion of Ukraine, the country's economy could shrink up to 35%, according to IMF.