• #5 globally in low cost of living among countries [1]
  • #10 globally in patents [2]
  • #20 globally in obtaining credit 2016 [3]
  • #20 globally in ease of starting business 2016 [4]
  • 2 days to open a business [5]
  • 4 is the average number of procedures to start a business [6]
  • 40+ foreign airlines operate at Boryspil International Airport [7]
  • 80+ international destinations served by Boryspil Intl. Airport [8] 
  • Jan. 2016 EU Deep and Comprehensive Free Trade Agreement [9]
  • ​S&P raised Ukraine's sovereign rating from SD to B- in 2015 [10]

data points

Ukraine's Business Climate

Data Points Sources

The business climate in Ukraine is gradually improving with the stabilization of the financial system. Annual inflation has been reduced from 61% in 2015 to 10.8% in 2017. Ukraine will see increased credit issuing from commercial lenders throughout 2017 as rates are expected to fall.

The new Deep and Comprehensive Free Trade Agreement with the European Union allows unhindered access to the vast trading bloc. This sign of good faith comes on the heels of hundreds of positive economic reforms carried out by the government over the past two years. Prozorro (one of these reforms) is an electronic public procurement system leveling the playing field for businesses competing for government contracts. Business taxation for labor has been cut in half to 23 percent from the previous 45 percent.

Corruption is an ongoing problem that affects the lives of many Ukrainians, and is the largest contributor to economic growth stagnation. While the number of corrupt officials has been reduced over the past several years the problem still remains. Recently, the most noteworthy instances of corruption are tied to the procurement of public contracts of large state enterprises. The aforementioned Prozorro, the transparent electronic public procurement system, is helping to reduce such corrupt practices. Foreign investors report the fewest instances of direct corruption due to the vital importance for the country to attract further investment.