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Ukraine’s ranking drops in the 2009 Index of Economic Freedom

13.01.2009   
Ukraine’s score makes its economy the 152nd freest in the 2009 Index. Its score is 2.2 points lower than last year, reflecting deteriorating economic freedom in seven areas

In spite of the economic crisis, the level of economic freedom is rising, according to the joint study produced annually by the Heritage Foundation and the Wall Street Newspaper. Out of almost 180 countries in the study, 83 showed progress towards greater economic freedom.  Ukraine, unfortunately, moved backwards, falling 2.2 points lower than last year to 48.8.

This score makes its economy the 152nd freest in the 2009 Index. Its score is 2.2 points lower than last year, reflecting deteriorating economic freedom in seven areas. Ukraine is ranked 42nd out of 43 countries in the Europe region, and its overall score is lower than the world average.

As an important exporter of minerals and grain, Ukraine has managed impressive levels of economic growth averaging about 7 percent over the past five years. Sustaining those levels in a time of global economic slowdown will require significant structural reform. In one such positive step, Ukraine became a member of the World Trade Organization in May 2008, completing a 14-year accession process.

In comparison to other countries that have been moving toward a more market-oriented economy, Ukraine lags behind in price liberalization and the efficiency of its business environment. The regulatory framework remains burdensome. While foreign investment is officially welcome, corruption and bureaucracy deter many investors. The judiciary does not always enforce contracts fairly and is tarnished with corruption, which also plagues the civil service. Bureaucratic inefficiency makes many commercial operations difficult.

 Environmental problems associated with the 1986 Chernobyl disaster remain unresolved. Promises of economic reform, better governance, and efforts to fight corruption after Ukraine’s 2004 ’Orange Revolution’ have not been fulfilled. Since December 2007, Prime Minister Yulia Tymoshenko and President Victor Yushchenko have been engaged in political infighting in preparation for the 2009 presidential race, once again neglecting reforms.

http://heritage.org/index/Country/Ukraine#

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