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History of the Ukrainian Economy from 1991 onwards

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Maksym Obrizan

Since the tragic dawn of February In this course we will look at the economic history of Ukraine from 1991, trying to understand the economic foundations of incredible Ukrainian resilience. After completing this course, you will be familiar with key facts and data sources about Ukrainian economic history which will help you to better understand the news, current developments, and prospects of Ukraine after its victory.

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Since the tragic dawn of February In this course we will look at the economic history of Ukraine from 1991, trying to understand the economic foundations of incredible Ukrainian resilience. After completing this course, you will be familiar with key facts and data sources about Ukrainian economic history which will help you to better understand the news, current developments, and prospects of Ukraine after its victory.

Although the history of Ukraine as a state starts at least from the late 10th century, this course focuses on the modern period when Ukraine regained its independence back in 1991. These 30 years have not been easy for many citizens of Ukraine - collapse of the planned economy in the 1990s led to high inflation and unemployment which, in turn, provoked unprecedented levels of poverty. Things started to improve in the 2000s with a quick reduction in poverty rates and income growth which continued until 2014.

We will consider traditional metrics of development such as GDP per capita, poverty rates, income inequality, unemployment, and inflation as well as sources of economic growth in dashboards of indicators. We will compare Ukraine to neighboring Poland and also to the United States to better understand its relative performance. Finally, we will estimate the economic damage to Ukraine that was brought about by the unprovoked and brutal aggression.

The participants of the course will benefit from a unique perspective of the instructor who spent his entire professional career in Ukraine after receiving PhD in Economics in the USA in 2010.

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What's inside

Learning objectives

  • Familiarize yourself with key facts about the economic history of ukraine from 1991
  • Analyze sources of ukrainian economic development
  • Refresh your knowledge of key macroeconomic concepts
  • Identify the main sources of data on the ukrainian economy
  • Use free data sources to understand the economy of your country
  • Learn the foundations of ukrainian economic resilience
  • Apply the practical knowledge to better understand the news
  • Understand the economic damage of a barbaric aggression

Syllabus

In this Section we will discuss how Gross Domestic Product of Ukraine changed from 1991 onwards and also why Ukraine is not as poor as GDP may show.
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In this video we will learn that Ukrainian transition to a free market economy was not easy. We will see that despite a substantial decline in the Gross Domestic Product from 1991 until 1999, the country started a quick economic recovery which was undermined by a number of external events, such as 2008 Global recession and COVID-19 epidemics.

In this video we will learn why Ukraine is not as poor as GDP may suggest. First, Ukraine has a large shadow economy which, according to some estimates reaches 50% of GDP, may hide the true level of income. Second, the prices of many goods and services are much lower in Ukraine compared to high-income countries. 100$ would have much higher purchasing power (in terms of goods and services one can buy) in Ukraine, compared to the United States.

In this video we will learn that Ukraine before 2022 had substantially reduced its poverty headcount and also income inequality. Ukraine is also doing relatively well on alternative measures of well-being, such as Sustainable Development Goals and Doughnut economy.

In this video we will learn that Ukraine has experience once of the highest levels of inflation in recent history when prices increase by a factor of 48 just over one year. We will see then how the introduction of a new currency hryvnia (UAH) allowed to take prices under control. We will also identify the role of the exchange rate to US Dollar as a marker of price stability. Then we will discuss how labor force participation rate and unemployment changed in Ukraine since 1991 onwards.

In this video we will see how Ukraine moved from almost fully government-owned economy in 1991 to a more resilient market economy. We will discuss how tax share in GDP has changed and also why Value-Added Tax (or Sales Tax) is so important in Ukraine. We will learn why Ukraine has run budget deficits and how those translate into government debt.

In this video we will discuss key statistics related to international trade of Ukraine such exports, imports and current account balance. In particular, we will learn that Ukraine is a very open economy with a high share of international trade in GDP. We will also observe that a high share of Ukrainians became migrant workers abroad who send substantial remittances to their families back home.

In this video we will discuss how Ukrainian economy evolved from being dominated by heavy industry in the 1990s to a modern service-oriented economy. We will see how agriculture and IT sectors became the drivers of the Ukrainian exports providing excellent opportunities for their employees.

Many observers forget that war in Ukraine started in 2014 from occupation of Crimea and parts of Donbas which accounted for a quarter of Ukrainian exports. In this Section, we will try to quantify the economic damage of the early conflict as well as currently available estimates of the damage brought by the largest continental war in Europe since WWII.

In the last video we will discuss the devastating effect of the 2022 full-scale aggression on the Ukrainian economy. We will provide the estimated losses in terms of GDP, unemployment, inflation, poverty as well as estimated damages to infrastructure. We will finish the course with the optimistic conclusion that Ukraine will rebuild itself after the victory.

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Examines Ukraine's transition from a planned economy to a market economy, offering insights into the challenges and opportunities faced by post-Soviet states
Compares Ukraine's economic performance to that of Poland and the United States, providing a broader context for understanding its relative development and challenges
Explores the role of shadow economy, purchasing power, and alternative measures of well-being, offering a nuanced perspective beyond traditional GDP metrics
Details the shift from a government-owned economy to a market economy, highlighting the importance of VAT and the challenges of budget deficits and government debt
Quantifies the economic damage of the war, including the impact on GDP, unemployment, inflation, and infrastructure, providing a sobering assessment of the conflict's consequences
Requires familiarity with macroeconomic concepts, which may necessitate additional preparation for learners without a background in economics

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Reviews summary

Ukrainian economic history since 1991

According to learners, this course offers a highly relevant and insightful look into the history of the Ukrainian economy since 1991. The instructor's unique perspective, drawn from their experience, is highly valued. Students found it excellent for understanding current events and the economic impact of the recent conflict. While a strong overview is provided, some feel it could offer more depth on specific economic details, potentially difficult for beginners. Overall, it's a valuable resource for grasping Ukraine's economic path.
Provides a solid historical and economic summary.
"Gives a great overview of 30 years of economic history."
"Covers the key periods and metrics effectively."
"A good starting point to learn about Ukraine's economy."
Highly valued personal and professional insights.
"The instructor's personal experience living and working in Ukraine adds incredible value."
"Loved hearing the insights from someone who was actually there."
"His unique perspective made the history come alive."
Excellent for understanding today's news.
"This course is incredibly relevant to understanding the war and its economic toll."
"Helped me make sense of the news headlines about Ukraine's economy."
"The section on the damage from conflict is crucial and timely."
Beneficial with prior economics understanding.
"Assumes a bit of prior knowledge in economics."
"Could be challenging if you're completely new to economic concepts."
"Wish there was a bit more explanation of foundational terms."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in History of the Ukrainian Economy from 1991 onwards with these activities:
Review Macroeconomic Principles
Reinforce your understanding of core macroeconomic concepts like GDP, inflation, and unemployment, which are essential for grasping the course material.
Browse courses on GDP
Show steps
  • Review introductory economics textbooks or online resources.
  • Complete practice problems related to GDP calculation and inflation measurement.
  • Summarize key concepts and formulas for quick reference.
Read 'Ukraine: What Everyone Needs to Know' by Serhii Plokhy
Gain a broader understanding of the historical, cultural, and political context that has shaped Ukraine's economic development since 1991.
View Chernobyl Roulette: War in the Nuclear Disaster... on Amazon
Show steps
  • Read the book, focusing on chapters related to economic and political history.
  • Take notes on key events and figures that have influenced Ukraine's economy.
  • Reflect on how the book's insights connect to the course material.
Read 'Transition Economics' by Gerard Roland
Gain a deeper understanding of the challenges faced by post-Soviet economies during the transition period, providing context for Ukraine's economic development.
View Development Economics on Amazon
Show steps
  • Read selected chapters focusing on macroeconomic stabilization and privatization.
  • Take notes on key concepts and examples relevant to the Ukrainian context.
  • Reflect on how the book's insights apply to Ukraine's economic history.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Compile Data Sources on the Ukrainian Economy
Familiarize yourself with the primary sources of economic data for Ukraine, enabling you to independently analyze economic trends and developments.
Show steps
  • Identify key data sources such as the State Statistics Service of Ukraine and the National Bank of Ukraine.
  • Gather links to relevant datasets and publications.
  • Organize the resources into a structured document or spreadsheet.
  • Write a short description of each data source and its key indicators.
Create a Timeline of Key Economic Events in Ukraine
Visualize the major economic turning points in Ukraine's history since 1991, helping you to remember and contextualize the course material.
Show steps
  • Research significant economic events, such as currency reforms and trade agreements.
  • Create a visual timeline using online tools or presentation software.
  • Add brief descriptions and relevant data points to each event.
Analyze the Impact of Remittances on the Ukrainian Economy
Apply your knowledge of macroeconomic concepts and data analysis to investigate the role of remittances in supporting the Ukrainian economy.
Show steps
  • Gather data on remittance flows to Ukraine from various sources.
  • Analyze the data to identify trends and patterns.
  • Research the impact of remittances on household income and poverty reduction.
  • Write a report summarizing your findings and conclusions.
Create a Data Visualization of Ukrainian GDP Growth
Develop your data visualization skills while illustrating the key trends in Ukraine's economic growth since 1991.
Show steps
  • Gather data on Ukrainian GDP from reliable sources.
  • Choose a suitable visualization tool, such as Tableau or Google Charts.
  • Create an interactive chart or graph that shows GDP growth over time.
  • Add annotations and labels to highlight key events and trends.

Career center

Learners who complete History of the Ukrainian Economy from 1991 onwards will develop knowledge and skills that may be useful to these careers:
Development Economist
A Development Economist focuses on understanding and addressing the economic challenges faced by developing countries. This work often involves conducting research, advising governments, and implementing programs aimed at promoting economic growth, reducing poverty, and improving living standards. Often, this work requires an advanced degree. The course on the History of the Ukrainian Economy from 1991 onwards directly applies to this role by providing a detailed case study of economic transition, poverty reduction, and the impact of external shocks. This course directly applies to this role by providing a detailed case study of a single country that Development Economists can use to better understand other economies.
See salaries and explore the career path for Development Economist
Country Risk Analyst
A Country Risk Analyst assesses the risks associated with investing or doing business in a particular country, considering factors such as political stability, economic conditions, and regulatory environment. This role requires a deep understanding of macroeconomic indicators, political systems, and international relations. This course focusing on the History of the Ukrainian Economy from 1991 onwards directly applies to this role by providing a detailed case study of economic transition, political factors, and external shocks. It helps in understanding the economic damage of conflict and the resilience of an economy, which may be useful for a Country Risk Analyst. Knowing the history of the Ukrainian economy provides a detailed case study of economic, political, and strategic variables that relate to the role.
See salaries and explore the career path for Country Risk Analyst
Economist
Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. They may work in academia, government, or the private sector, offering insights that guide policy and business decisions. Often, this work requires an advanced degree. The course on the History of the Ukrainian Economy from 1991 onwards provides a focused understanding of economic transitions, macroeconomic concepts, and data sources. By studying the Ukrainian economy, economists can gain valuable insights into economic resilience and the impact of external shocks, which may be useful in their work. This course directly applies to this role by providing a detailed case study of a single country that economists can use to better understand other economies.
See salaries and explore the career path for Economist
International Economist
An International Economist studies the economic relations between countries. This involves analyzing trade patterns, financial flows, and exchange rates, as well as assessing the impact of international policies and events on national economies. Often, this work requires an advanced degree. The course on the History of the Ukrainian Economy from 1991 onwards may be useful for this career because it provides a detailed look at a nation experiencing significant international economic change. Knowing the history of the Ukrainian economy, macroeconomic indicators, and data sources can help an International Economist consider new approaches. By studying the Ukrainian economy, learners can better understand economic resilience, key macroeconomic concepts, and data sources, all critical for an International Economist.
See salaries and explore the career path for International Economist
Political Risk Consultant
A Political Risk Consultant analyzes political and economic factors that could affect an organization's investments or operations in a specific country. This position requires an understanding of political systems, economic indicators, and geopolitical trends. The History of the Ukrainian Economy from 1991 onwards may be useful for this career because it provides a detailed look at a nation experiencing significant political and economic change. Knowing the history of the Ukrainian economy, macroeconomic indicators, and data sources can help a Political Risk Consultant consider new approaches. Understanding the resilience of an economy in transition, as taught in this course, may support success as a Political Risk Consultant. By studying the Ukrainian economy, learners can better understand economic resilience, key macroeconomic concepts, and data sources, all critical for a Political Risk Consultant.
See salaries and explore the career path for Political Risk Consultant
International Trade Specialist
An International Trade Specialist focuses on facilitating and managing the exchange of goods and services between countries, often working with businesses to navigate trade regulations and identify international market opportunities. This position calls for a strong grasp of economic principles, trade policies, and international relations. The History of the Ukrainian Economy from 1991 onwards may be helpful as it provides a detailed look at Ukraine's economic transition, including changes in exports, imports, and its integration into the global economy. Understanding these trends and the historical context can inform strategies for businesses seeking to engage in international trade, especially in emerging markets or regions undergoing economic transformation. Learning about the Ukrainian economy's resilience will help an International Trade Specialist.
See salaries and explore the career path for International Trade Specialist
Policy Advisor
A Policy Advisor provides expert advice and recommendations to government officials or organizations on the development and implementation of policies. This often requires a deep understanding of economic and social issues, as well as the ability to analyze data and assess the potential impact of policy decisions. This course on the History of the Ukrainian Economy from 1991 onwards may be useful because it provides a focused case study of economic transitions and policy challenges. Knowing the history of the Ukrainian economy, key economic indicators, and data sources can help a Policy Advisor consider new approaches. Understanding the resilience of an economy in transition, as taught in this course, may support success as a Policy Advisor.
See salaries and explore the career path for Policy Advisor
Data Scientist
A Data Scientist uses statistical techniques, machine learning algorithms, and data visualization tools to extract insights from large datasets. This role involves collecting, cleaning, and analyzing data to help organizations make informed decisions and solve complex problems. The course on the History of the Ukrainian Economy from 1991 onwards may be useful because it emphasizes key data sources and macroeconomic indicators, providing a solid foundation for data analysis and interpretation. Knowing the history of the Ukrainian economy, macroeconomic indicators, and data sources can help a Data Scientist consider new approaches. Being able to understand the data sources that are used in economics can help as a Data Scientist.
See salaries and explore the career path for Data Scientist
Economic Analyst
An Economic Analyst studies economic data, trends, and issues to provide insights and forecasts for organizations or clients. This role involves analyzing macroeconomic indicators, industry trends, and policy changes to assess their impact on the economy or specific sectors. The course on the History of the Ukrainian Economy from 1991 onwards helps by providing a deep understanding of economic transitions, which is directly applicable to analyzing other economies. By studying the Ukrainian economy, learners can better understand economic resilience, key macroeconomic concepts, and data sources, all critical for an Economic Analyst. This course provides a unique perspective on economic development, which may be useful.
See salaries and explore the career path for Economic Analyst
Economic Forecaster
Economic Forecasters analyze economic data and trends to predict future economic conditions. This involves using statistical models, econometric techniques, and expert judgment to develop forecasts for key economic indicators such as GDP growth, inflation, and unemployment. The course on the History of the Ukrainian Economy from 1991 onwards may be helpful because it provides a good foundation to understand how economies work. Economic Forecasters may understand economic resilience, key macroeconomic concepts, and data sources, all critical for an Economic Forecaster. The course can help by providing a broader understanding of how economies evolve.
See salaries and explore the career path for Economic Forecaster
Market Research Analyst
A Market Research Analyst studies market conditions, consumer behavior, and competitor activity to inform business decisions. This role involves collecting and analyzing data on market trends to identify opportunities for growth or improvement. The course on the History of the Ukrainian Economy from 1991 onwards may be useful in this role because it provides a case study in understanding economic transitions, macroeconomic indicators, and data sources, which can be applied to analyzing other markets. Understanding the impact of economic events will help as a Market Research Analyst. This course can help by providing a broader understanding of how economies evolve.
See salaries and explore the career path for Market Research Analyst
Investment Analyst
An Investment Analyst researches and analyzes investment opportunities, providing recommendations to individuals or organizations on how to allocate their assets. This involves studying financial statements, market trends, and economic indicators to assess risk and potential returns. The course on the History of the Ukrainian Economy from 1991 onwards may be useful in this role, as it provides a case study in understanding economic transitions, macroeconomic indicators, and data sources, which can be applied to analyzing other investment opportunities. Knowing the history of the Ukrainian economy, key economic indicators, and data sources can help as an Investment Analyst. Understanding the impact of economic events will help as an Investment Analyst. This course can help by providing a broader understanding of how economies evolve.
See salaries and explore the career path for Investment Analyst
Financial Advisor
Financial Advisors provide guidance to individuals and families on how to manage their finances, plan for retirement, and achieve their financial goals. This involves assessing financial situations, developing personalized plans, and recommending appropriate investment and insurance products. The course on the History of the Ukrainian Economy from 1991 onwards may be useful because it provides a case study of how economies evolve and adapt over time, skills which can be useful for a financial advisor. Understanding how economic conditions could affect a business can help as a Financial Advisor. This course can help by providing a broader understanding of how economies evolve.
See salaries and explore the career path for Financial Advisor
Business Consultant
Business Consultants provide expert advice and guidance to organizations on how to improve their performance and achieve their goals. This involves analyzing business operations, identifying problems, and developing solutions. The course on the History of the Ukrainian Economy from 1991 onwards may be useful because it provides a case study of how economies evolve and adapt over time, skills which can be useful for a business consultant. Understanding how economic conditions could affect a business can help as a Business Consultant. This course can help by providing a broader understanding of how economies evolve.
See salaries and explore the career path for Business Consultant
Actuary
An Actuary analyzes risk and uncertainty to assess the financial impact of future events, often working in insurance, finance, or consulting. This requires a strong understanding of mathematics, statistics, and financial principles. The course on the History of the Ukrainian Economy from 1991 onwards may be useful in this role because it provides a case study in understanding economic transitions, macroeconomic indicators, and data sources, which can be applied to analyzing other economic data. Understanding the impact of economic events will help as an Actuary. This course can help by providing a broader understanding of how economies evolve.
See salaries and explore the career path for Actuary

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in History of the Ukrainian Economy from 1991 onwards.
Cover image
Chernobyl Roulette: War in the Nuclear Disaster Zone
Save
Provides a concise and accessible overview of Ukrainian history, culture, and politics. While not solely focused on economics, it offers essential context for understanding the country's economic development. It helps to understand the political and social factors that have shaped Ukraine's economic trajectory. This book is valuable for providing background knowledge and a broader perspective on the course material.
Chernobyl Roulette: War in the Nuclear Disaster Zone
Kindle Edition
$$
Cover image
Development Economics
Save
Provides a comprehensive overview of the challenges and complexities of transitioning from planned to market economies. It offers valuable insights into the economic reforms and institutional changes that occurred in post-Soviet countries, including Ukraine. Reading this book will provide a deeper understanding of the context in which the Ukrainian economy developed after 1991. It is particularly useful for understanding the initial economic decline and subsequent recovery.
Development Economics
Paperback
Check
Development Economics
Kindle Edition
Check

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Effort
2 total hours
Via
Udemy
Instructor
Maksym Obrizan
Language
English
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Examines Ukraine's transition from a planned economy to a market economy, offering insights into the challenges and opportunities faced by post-Soviet states
Compares Ukraine's economic performance to that of Poland and the United States, providing a broader context for understanding its relative development and challenges
Explores the role of shadow economy, purchasing power, and alternative measures of well-being, offering a nuanced perspective beyond traditional GDP metrics
Details the shift from a government-owned economy to a market economy, highlighting the importance of VAT and the challenges of budget deficits and government debt
Quantifies the economic damage of the war, including the impact on GDP, unemployment, inflation, and infrastructure, providing a sobering assessment of the conflict's consequences
Requires familiarity with macroeconomic concepts, which may necessitate additional preparation for learners without a background in economics
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