Unemployment rate of Ukraine 2021
This statistic shows the unemployment rate of Ukraine from 1999 to 2021. In 2021, the unemployment rate of Ukraine amounted to approximately 9.83 percent of the total labor force.
The economic situation in Ukraine
Amid the political and economic crisis, Ukraine’s unemployment is rising. When Russia seized and annexed Crimea in March of 2014, pro-Russian President Viktor Yanukovych was also ousted and the economy of Ukraine took a hard hit. This resulted in sharp reductions in Ukraine’s GDP, and likely caused a sharp increase in unemployment as well. Before the turmoil, Russia was Ukraine’s most important import and export partner, having a significant impact on GDP after tension arose. Meanwhile, Ukraine was and still is getting itself out of economic despair; Ukraine has amassed more debt with the IMF than Greece and is trying to reduce this debt by implementing hyper-austerity, which involves making cuts to public spending. Spending on unemployment and disability insurance is a part of these cuts, which is not ideal for the Ukrainian people considering that the unemployment rate is expected to reach a rate of 11.47 percent in 2015. In times of increasing unemployment, a struggling economy and an inflation rate reaching almost 50 percent, 2015 is and will be a tough, if not desastrous year for the Ukrainian people.
The economic situation in Ukraine
Amid the political and economic crisis, Ukraine’s unemployment is rising. When Russia seized and annexed Crimea in March of 2014, pro-Russian President Viktor Yanukovych was also ousted and the economy of Ukraine took a hard hit. This resulted in sharp reductions in Ukraine’s GDP, and likely caused a sharp increase in unemployment as well. Before the turmoil, Russia was Ukraine’s most important import and export partner, having a significant impact on GDP after tension arose. Meanwhile, Ukraine was and still is getting itself out of economic despair; Ukraine has amassed more debt with the IMF than Greece and is trying to reduce this debt by implementing hyper-austerity, which involves making cuts to public spending. Spending on unemployment and disability insurance is a part of these cuts, which is not ideal for the Ukrainian people considering that the unemployment rate is expected to reach a rate of 11.47 percent in 2015. In times of increasing unemployment, a struggling economy and an inflation rate reaching almost 50 percent, 2015 is and will be a tough, if not desastrous year for the Ukrainian people.
