"oligarchs" - 1 õppematerjal

Business peciliarities in Ukraine and Bealrus

Economic growth would not resume again until 2000. The budget deficit was, at 14.4 percent of GDP, exceptionally large. Barter and the use of surrogate moneys and foreign currencies prevailed. Ukraine had introduced a sovereign currency, the Hryvnia, but it was little used. A shadow economy swelled and compensated for an unknown share of the economic collapse. 2001-2008 Between 2001 and 2008, the Ukrainian economy picked up significantly. Many of Ukraine's large-scale capitalists--the oligarchs--are former Soviet-era industrial managers who succeeded on a grand scale when industries were privatized. Their wealth was originally based on a traditional, simple formula: convert cheap energy and raw materials into metals and manufactured goods. The six richest Ukrainians are all metallurgy magnates. In Ukraine--like in Russia--incumbent managers (there is a special term in Russian for such executives/ owners ­ Red Director) were present at the birth of private property and could