Tom 11 (2011)

The impact of the European debt crisis on the economy of Ukraine

Olena Pitgurska

Strony: 127 - 139



The impact of the European debt crisis on the economy of Ukraine

In the face of globalization and the gradual integration of Ukraine into the world economic community, the stability of economic conditions worldwide is a key to active investment and innovation processes, dynamic economic growth and, consequently, to higher living standards of citizens of the country. However, as practical experience indicates, the crisis in the financial sector of European countries has a significant impact on economy-wide status of our state in particular, the result of the crisis in European countries is a drop in foreign trade and foreign direct investment in Ukraine, the formation of negative tendencies of enterprises real sector of economy and the suspension of economic growth. On the current stage of development the problem of the impact of external economic factors on the national economy and its integration in the world economy is becoming more urgent. Ukraine has entered the world economy on the economic and organizational base of market relations and this fact has brought not only mutual advantages in cooperation, but also an array of problems of the world economy. Leading economists, scientists and practitioners are expecting the premises of the second stage of global recession. The reasons are the world-wide tendencies of the most important global markets which almost resemble the world economic situation in 2008. The global financial system is a footstep away from a new crisis which can overcome the effects of the previous one in 2008–2009. Although the previous time there were the US private loans that catalyzed the crisis phenomena, this time the problem is in national debt of the European countries. The worldwide known economists have warned about the destructive consequences of globalization and the probability of the global financial crisis. Among them such personalities as M. Allais, P. Herst and G. Thompson, D. Held and E. McGrew, J. Soros, J. Stiglitz, A. Anikin, etc. Due to these
experts’ criticism, the positive impact of globalization processes is highly doubtful and the measures should be taken to overcome their destructive consequences and create effective methods of crisis exclusion.