As the coronavirus pandemic continues to spread, global financial markets are in sharp decline and the international economic outlook is increasingly alarming. Indeed, the current panic is very much reminiscent of the meltdown during the Great Recession of 2008-2009, with added uncertainties as entire economies begin to enter preventative shutdown mode. As an emerging economy reliant on commodity exports, Ukraine is particularly vulnerable to such crises. The Ukrainian economy currently faces the prospect of a perfect storm as the price and volume of exports falls while domestic consumption and production plummet amid an unprecedented lockdown imposed across the country in order to fight the spread of the virus.
OP-ED
Yuriy Gorodnichenko: Saving Ukraine’s economy from the coronavirus crash
A sign of an Asian restaurant reads "Closed" as people walk by on March 18, 2020 in central Kyiv.
