Ukraine's Great Depression

At long last, Ukraine has finally released its first quarter GDP numbers, showing a full 20.3% decline for the volume definition compared to the previous year. Since Ukraine's terms of trade also deteriorated, with the export price index only increasing 17.2% versus 31.2% for the import price index, the decline in real income for the Ukrainian people is even greater.

This means that Latvia loses the first place many believed it had in terms of economic contraction, as Latvia's real GDP "only" contracted 18%.

Now I suppose that most economic pundits will call for Ukraine to devalue its currency to solve its problems, like they did for Latvia. Or maybe not given that Ukraine has already applied that alleged remedy of allowing its currency to collapse.....