COMPARATIVE STUDY OF ECONOMIC GROWTH OF UKRAINE AND INDIA

Анотація

The article gives a comparative analysis of the economic growth of Ukraine and India. The economy of Ukraine is a prominent free market. In 2000, however, the GDP began to grow rapidly until 2008 when the Great Recession hit the worldwide economy; it reached Ukraine in 2008 and was termed as 2008-09 Ukrainian financial crisis. The economy recovered in 2010, but since 2013 the Ukrainian economy has witnessed several downtrends. In 2016, the economic growth of Ukraine showed up positive signs. The depression of the 1990s incorporated hyperinflation, which subsequently caused the economic output to fall to less than half of GDP of pending Ukrainian SRR. There was zero growth in GDP of Ukraine in 2013. Further in 2014, the Ukrainian economy shrank by 6.8% and in 2015 there was a decline in GDP by 12%. It was only in April 2016 that the Ukrainian economy witness growth in GDP by 2.3%, thus ending the recession. The economy of India was a closed economy after independence. Since the mid-80s Indian has slowly opened up its market through economic liberation. After 1991, there was more fundamental reform and their renewal in 2000. India has progressed towards a free-market economy or we can say an Open Economy. Indian economy starts growing after 1991, and the same Ukrainian economy, it starts functioning after disintegration with the Union of Soviet Socialist Republic (known as USSR) on 24 th August 1991. The objective of the present study is to examine the impact of inflation on the economic growth of Ukraine and India and try to find the trend line from the available data. The GDP of Ukraine badly affects the global recession in the 2008-09 year, whereas in India the GDP of the country does not affect the global financial recession, it continues to be at the same rate. The GDP per capita of Ukraine has been affected due to inflation whereas the GDP per capita of India is slightly affected due to global recession. Major factors of comparison are: GDP, GNP per capita, Tax, Inflation. This study also identifies the challenges faced by both countries.

Класифікація

Ідентифікатори

Схожі роботи