Committee on Balance-of-Payments Restrictions - Consultations with Ukraine - Background Document by the Secretariat
- WTO Secretariat
- 2009/06/22
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World Trade
Organization WT/BOP/S/16
9 June 2009
(09-2771) Committee on Balance-of-Payments Restrictions
consultations with UKRAINE
Background Document by the Secretariat
This document has been prepared in accordance with paragraph 12 of the Understanding on the Balance-of-Payments Provisions of the GATT 1994.
RECENT macroeconomic and trade developments
Recent Economic Performance
Ukraine's economy grew on average strongly at an annual rate of more than 7% from 2000, but since 2005 its performance has become very uneven. After contracting in 2005, economic growth resumed strongly in 2006 and reached 7.9% in 2007, but then decelerated to 2.1% in 2008. The IMF forecasts Ukraine's real GDP will contract by 8% in 2009. Industrial production has already contracted sharply as a result of declining export demand for steel and commodities.
Since 2005 growth has been driven by real domestic demand, fuelled by a credit boom that was driven by significant