Ukrainian GDP Dropped by 35 Percent Since 1991, Worst Performance in World, Even Beating Basket-Cases Like Zimbabwe and the Central African Republic

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Ukrainian newspaper Zerkalo Nedeli (ZN) reported that, according to World Bank data, the Ukraine’s real GDP decreased by 35 percent, absolutely the worst performance in the world, over the past 24 years. As the Ukraine celebrates its Independence Day, its economists should be worried, as the country’s economy falls to the point of no return. Out of 166 countries that provided full access to their GDP data for 1991-2014, only five countries showed a decrease in GDP:

• Central African Republic (-0.94 percent)
• Zimbabwe (-2.3 percent)
• Georgia (-15.4 percent)
• Moldova (-29 percent)
• the Ukraine… an astonishing 35 percent drop since 1991

Amusingly, back in 1987, the Ukraine’s GDP was 25 percent that of the Peoples Republic of China. In early 2015, it was only 1.25 percent of the PRC’s figure… ZN said that the reason behind it wasn’t solely China’s economic growth over the past two decades. One can somehow comprehend how and why the Central African Republic and Zimbabwe appeared on the list, but the fact that even these two countries are ahead of the Ukraine should frighten Kiev politicians. This horrible turn of events isn’t the result of the Civil War in the Donbass. The process started earlier, when the Ukraine lost a large part of its domestic production. During the first decade of its independence, the Ukraine lost almost 60 percent of its GDP, which was twice as much as the USA did during the Great Depression in the 1930s. The main reason behind the collapse of the Ukrainian economy is technological degradation, so, the country ended up being dependent on the export of natural resources, helpless before fluctuations in the dollar and the euro.

23 August 2015

Sputnik International

http://sputniknews.com/business/20150823/1026104480/ukraine-gdp-economy-decrease-world-bank-independence.html

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China Surpasses USA as World’s Largest Economy Based On GDP/PPP

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International Monetary Fund estimates show that China surpassed the USA in terms of GDP based on purchasing power parity (PPP), becoming the largest in the world by this measure. FT reported citing IMF data that in 2014, China had 17.6 trillion USD (711 trillion Roubles. 108 trillion Renminbi. 1.08 quadrillion INR. 19.72 trillion CAD. 20.27 trillion AUD. 13.94 trillion Euros. 10.95 trillion UK Pounds) or 16.48 percent of the world’s PPP-adjusted GDP, while the USA had slightly less, 16.28 percent or $17.4 trillion USD (703 trillion Roubles. 107 trillion Renminbi. 1.07 quadrillion INR. 19.49 trillion CAD. 20.04 trillion AUD. 13.79 trillion Euros. 10.83 trillion UK Pounds). PPP is the best way to compare the size of economies and not using volatile exchange rates, which rarely reflect the true cost of goods and services. Thus, a trillion US dollars (40.4 trillion Roubles. 6.13 trillion Renminbi. 61.3 trillion INR. 1.12 trillion CAD. 1.15 trillion AUD. 792 billion Euros. 622 billion UK Pounds) are worth a lot more in China than in the USA. The IMF forecast stated that, on a PPP-basis, China is overtaking the USA right about now, becoming the world’s biggest economy. The USA has been the global leader since overtaking the UK in 1872. Previously, most economists thought China would pull ahead in 2019. According to IMF estimates, in 2015 the gap between China and the USA will increase to almost a trillion USD… Chinese GDP/PPP will amount to 19.23 trillion USD (777 trillion Roubles. 118 trillion Renminbi. 1.18 quadrillion INR. 21.54 trillion CAD. 22.14 trillion AUD. 15.23 trillion Euros. 11.96 trillion UK Pounds) against 18.286 trillion USD (739 trillion Roubles. 112 trillion Renminbi. 1.12 quadrillion INR. 20.49 trillion CAD. 21.05 trillion AUD. 14.49 trillion Euros. 11.38 trillion UK Pounds) in the USA. However, in terms of nominal GDP, the USA remains the undisputed world leader with 16.8 trillion USD (679 trillion Roubles. 103 trillion Renminbi. 1.03 quadrillion INR. 18.82 trillion CAD. 19.35 trillion AUD. 13.31 trillion Euros. 10.46 trillion UK Pounds) in output, significantly outpacing China with 10.4 trillion USD (421 trillion Roubles. 63.8 trillion Renminbi. 638 trillion INR. 11.65 trillion CAD. 11.98 trillion AUD. 8.24 trillion Euros. 6.47 trillion UK Pounds).

 8 October 2014

RT

http://rt.com/business/194264-china-surpass-us-gdp/

World Bank Sez Ukrainian Economy to Shrink by at Least 3% in 2014

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On Friday, the World Bank (WB) predicted a 3 percent contraction for the Ukrainian economy in 2014 compared with the growth of 1.5 to 2 percent they estimated in October. The WB cited the Ukraine’s continuing political crisis, increased economic imbalances, decline in consumer demand, and lack of fresh investment as reasons for the gross domestic product (GDP) performance revision. WB economist Anastasia Golovach said, “First and foremost, the government should pay attention to macroeconomic and financial stabilisation. Moreover, the Ukraine should ensure cost transparency and reduce corruption”. She said that Kiev needed to make structural reforms in energy, financial, and business sectors to accelerate the nation’s economic growth. According to Fan Qimiao, the WB’s country director for Ukraine, Belarus, and Moldova, the Ukraine’s GDP might return to growth next year, saying, “If the Ukraine implements an appropriate set of rapid reforms, it’d resume economic growth in the early 2015”. The WB projected the pace of economic growth in Ukraine at 3 percent for 2015. The Ukraine’s economy stagnated last year, with a nominal GDP amounting to 180.7 billion USD.

4 April 2014

Xinhua

http://news.xinhuanet.com/english/business/2014-04/04/c_133239418.htm

Editor:

This is OPTIMISTIC. When the junta cuts pensions, it’ll cut demand; when demand falls, it’ll drag down the economy. Furthermore, when the junta cuts salaries to please the ravening crapitalists at the WB, it’ll cut demand further. In short, an economic disaster is in the making, and we can stamp it, “Made by the IMF and the WB”. Of course, they’ll wash their hands of it and sleep like babies… they’re soulless pigs who only care about money and power (they’re perfect bedmates with Zbig and Nuland). This is an economic perpetual motion Jack Kevorkian death machine that’ll end in a Weimar-style inflation. God preserve the poor Little Russian people… the WB and the IMF don’t give a hoot in hell for them. By the way, neither does Langley or K Street (or their denizens and hangers-on)…

With “friends” like these…

BMD

13 December 2013. Russia Behind the Headlines Infographic. The Rich Also Cry: Happiness Index and GDP Throughout the World

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A new study comparing indexes of wellbeing with GDP levels shows that economic growth in a country doesn’t guarantee happiness of the population. For example, in 2012, the GDP per capita in Russia was 23,500 USD (773,000 Roubles. 24,900 CAD. 26,300 AUD. 17,100 Euros. 14,400 UK Pounds), or twice that of Brazil. However, it didn’t impress Russians. According to the index of happiness, Brazil was happier, despite a lower per capita GDP of 11,900 USD (392,000 Roubles. 12,600 CAD. 13,300 AUD. 8,700 Euros. 7,300 UK Pounds). Vietnam‘s happiness level was the closest to Russia’s, although per capital GDP level in Vietnam came in lower than that of Brazil at 3,600 USD (119,000 Roubles. 3,800 CAD. 4,000 AUD. 2,600 Euros. 2,200 UK Pounds). The study showed that the sense of happiness among citizens of different countries reached a maximum when the GDP per capita was 36,000 USD (1.184 million Roubles. 38,100 CAD. 40,200 AUD. 26,200 Euros. 22,100 UK Pounds). Amounts above that didn’t necessarily bring more joy. Experts explained the paradox by suggesting that a favourable economic situation in a country led to higher expectations, but that a lack of implementation of these expectations caused disappointment.

9 December 2013

Nataliya Mikhailenko

Russia Behind the Headlines

http://rbth.ru/multimedia/infographics/2013/12/09/the_rich_also_cry_32411.html