The Effects of Covid-19 on Ukraine's Economy

By Alexa Shea

In September of 2020, the UN assessed the damage of COVID-19 in the Ukraine economy. The report showed massive job loss due to the pandemic: “84 percent of households have lost income”. There is now increased unemployment, poverty, abuse, and sex work due to pandemic. The gross domestic product, also known as GDP, was assumed to grow 3 percent in 2020. However, lockdowns prevented GDP growth; numbers dropped because of the lack of trade, manufacturing, and exports. In an attempt to cut down massive economic loss, Prime Minister Denys Shmyhal stated he wants a system that contains the virus without halting the country. Covid-19 affected Ukraine greatly and new approaches to rebuild the economy will need to be implemented.


6 views0 comments

Recent Posts

See All