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UKRAINE IS BECOMING a key new destination for emerging-market bond investors. For many, it involves believing that the economic fundamentals outweigh the political risks.
The question is whether the picture will become clearer after Leonid Kuchma stands down from the presidency in October after 10 years in office.
Investors are impressed with the country’s strong macroeconomic performance, relatively low debt ratios and comfortable external liquidity position. Most analysts expect GDP growth of over 7% in 2004, as was posted in 2003.
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