Ukraine in The World Bank Group Essay
Ukraine in The World Bank Group
There have been major changes that have been experienced across the world and in many countries, Ukraine being one of them. Ukraine has experienced several changes in terms of population, labour, income distribution, education, social mobility as well as the living conditions of the citizens over the year 2008 to 2015.
Over the year 2008 to the year 2015, the population of Ukraine have been observed to decline due to the large number of older people. In the year 2013, the population stood at about 45.59 million people as compared to the year 2010 where the population stood at 46.01 million people (The World Bank Group, 2015). The decline in the population of Ukraine have in turn affected the labour market of the country whereby the country has over the years experienced lack of labour in addition to higher rates of unemployment. The labour market experienced an increase in the rate of unemployment at 8.90% compared to the previous year 8.60%. As of the year 2015, about 524.4 (thousands) of Ukraine citizens were unemployed compared to the year 2014 on April when the figure stood at about 474.7 (thousands) unemployed persons. The high rate of unemployment in the country has also contributed towards the poor living conditions (The World Bank Group, 2015).
It was also observed between the year 2008 and 2015 that the level of poverty in the country increased from 7.1% in the year 2008 to about 9.1% by the year 2012. The increase in the level of poverty can be attributed to the increase in inflation which rose from about 24.90% in the year 2014 to about 28.50% in the year 2015. The increase inflation also caused an increase in the core consumer prices, which increased from 122.80 in 2014 to 126.10 in 2015 (The World Bank Group, 2015). This meant that the affordability of food became an issue resulting in poor living standards and the consumers have to pay more prices for basic needs such as food.
Furthermore, there has been change in the education system of the country. The number of people attending schools in Ukraine has been observed to increase over the years whereby in the year 2012, the percentage of the population seeking for education reached about 106%. This indicates that the Ukraine society have embraced education in large numbers to gain skills which can allow them to get employment in other regions across the world (Trading economics.com, 2015).
On the issue of income distribution, majority of the population in Ukraine falls under the category of lower and middle income earners. The wages paid to employed persons in the country per month experienced a decline from the year 2014 to the year 2015. In 2014, the average monthly wage stood at about 4,012.00 while in the year 2015 the wages stood at 3,455.00, a clear indication that there was a decrease in the wages (Trading economics.com, 2015).
Finally, the social mobility of Ukraine population has increased over the years as they seek for more opportunities outside of Ukraine. It is to be noted that most have migrated to the United States and other countries for job opportunities and to try have better lives than they did in Ukraine.
The World Bank Group (2015) Ukraine, Accessed from http://data.worldbank.org/country/ukraine on 4th March 2015
Trading economics.com (2015) Ukraine, Accessed from http://www.tradingeconomics.com/ukraine on 4th March 2015