Ukraine sails back into favour

Strong growth, a successful sovereign bond deal and undervalued assets are turning Ukraine into the hottest new investment opportunity. Nick Parsons reports.

AFTER CENTURIES SUBSUMED within the borders of the Soviet Union and recent years confined to the economic doghouse, Ukraine is emerging as the latest favourite destination on the global investment map.

Strong performance from nearly every industry in 2003 gave Ukraine a fourth successive year of GDP growth. At over 6%, that made the country one of the top performers in the world despite the worst harvest for 50 years.

The strong performance came as a surprise to some policymakers.

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