rest, Belarus on December 8, followed by Alma Ata meeting on December 21, the leaders of Belarus, Russia, and Ukraine, formally dissolved the Soviet Union and formed the Commonwealth of Independent States (CIS).
Although the idea of an independent Ukrainian nation had previously not existed in the 20th century in the minds of international policy makers, Ukraine was initially viewed as a republic with favorable economic conditions in comparison to the other regions of the Soviet Union. However, the country experienced deeper economic slowdown than some of the other former Soviet Republics. During the recession, Ukraine lost 60 percent of its GDP from 1991 to 1999, and suffered five-digit inflation rates. Dissatisfied with the economic conditions, as well as the amounts of crime and corruption in Ukraine, Ukrainians protested and organised strikes.
The Ukrainian economy stabilized by the end of the 1990s. A new currency, the hryvnia, was introduced in 1996. Since 2000, the country has enjoyed steady real economic growth averaging about seven percent annually. A new Constitution of Ukraine was adopted under second President Leonid Kuchma in 1996, which turned Ukraine into a semi-presidential republic and established a stable political system. Kuchma was, however, criticized by opponents for corruption, electoral fraud, discouraging free speech and concentrating too much power in his office. He also repeatedly transferred public property into the hands of loyal oligarchs.
In 2004, Viktor Yanukovych, then Prime Minister, was declared the winner of the presidential elections, which had been largely rigged, as the Supreme Court of Ukraine later ruled. The results caused a public outcry in support of the opposition candidate, Viktor Yushchenko, who challenged the outcome of the elections. This resulted in the peaceful Orange Revolution, bringing Viktor Yushchenko and Yulia Tymoshenko to power, while casting Viktor Yanukovych in opposition. Yanukovych
