It was a solid day for global equity markets with 71 out of 90 benchmark global equity indexes finishing either even or in the black. One of the unlucky 19 to finish in the red was the Ukrainian stock market which got slammed with a 7% one day decline. It was by far the biggest decliner on the day:
We discussed Ukrainian equities several times last year (see our posts on
Nov 29, 2011,
Oct 22, 2011 and
June 27, 2011). In those posts we discussed how the Ukrainian economy was one of the top beneficiaries of the services of the IMF. As we will see in this next chart, the IMF assistance has yet to bear much fruit.
Measuring from the beginning of 2008, cumulative GDP growth is essentially flat and equities are down well over 50%. Now one could always argue that the situation would be much worse were it not for the efforts of the IMF.
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