Ukraine's economy is collapsing.
Its central bank raised benchmark interest rates from 19.5% to 30% effective Wednesday. Ukraine's currency, the hryvnia, has lost nearly 70% of its value against the dollar in just a year. GDP shrank by 7% in 2014.
And while the war-torn country secured a $40 billion international bailout package in February, the chances of recovery any time soon are small.
Ukraine has been battling Russia-backed separatists in the eastern part of the country for the past year. The fighting has contributed to the ravaged state of the economy.
Here are some of the major economic obstacles:
1. Corruption
Corruption is draining Ukraine's economy -- or what's left of it. Ukraine ranks 142 of 175 on the Transparency International list of most corrupt countries.
Even the government admits the situation is bad. Ukrainian Prime Minister Arseniy Yatsenyuk said the government loses around $10 billion every year through graft.
Related: Ukraine recruits Internet army to fight Russian trolls
2. Political risk
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Ukraine's economy teeters towards collapse - Mar. 4, 2015
More than 30 dead in Ukraine mine blast - At least 47 missing
A fatal explosion has occurred at the Zasyadko mine in Donetsk, with at least 47 miners missing inside, the miners #39; union stated. They are also checking reports of 77 deaths in the blast. ...
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More than 30 dead in Ukraine mine blast - At least 47 missing - Video
More than 30 killed in coal mine blast in Ukraine : BREAKING NEWS
For More Latest News Subscribe us: http://www.youtube.com/user/worldnetworktvbbccnn http://worldnetworktv.blogspot.com/ DONETSK, Ukraine - A blast at a coal mine in the eastern Ukrainian...
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More than 30 killed in coal mine blast in Ukraine : BREAKING NEWS - Video
UKRAINE - Coalmine blast claims 32 lives in Donetsk
Subscribe to France 24 now: http://f24.my/youtubeEN FRANCE 24 live news stream: all the latest news 24/7 http://f24.my/YTliveEN More than 30 people have reportedly been killed in a coalmine...
By: FRANCE 24 English
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UKRAINE - Coalmine blast claims 32 lives in Donetsk - Video
More than 30 killed in mine blast in rebel east Ukraine
A mine blast in the eastern Ukrainian city of Donetsk kills more than 30, local officials say. Subscribe: http://smarturl.it/reuterssubscribe More Breaking News: http://smarturl.it/BreakingNews...
By: Reuters
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More than 30 killed in mine blast in rebel east Ukraine - Video