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Ukraine has been in economic crisis since 2011 and in recession from mid-2012 to 2015. In 2014-2015, the violent conflict between government forces and separatists in east Ukraine and the related serious dispute with Russia (which annexed Crimea in March 2014 and supports the separatists) drastically aggravated the economic crisis. After the second ceasefire agreement from February 2015, the fighting in the east eventually slowed down somewhat in 2016, however, in the past few months it has reescalated. After two years of deep recession (-6.6% in 2014 and -9.8%) the economy returned to modest growth in 2016, estimated at +1.5%.

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