In Soviet times the economy of Ukraine was the second largest in the Soviet Union, being industrial and agricultural component of the planned economy of the country. With the decline of the Soviet system, the country moved from a planned economy to a market economy. This transition process was difficult for the majority of the population which plunged them into poverty. Ukraine's economy seriously collapsed during the following years after the Soviet Union disintegration.

The governments of Ukraine are trying to attract foreign investments by taking measures by fixing taxes in the economy legislation.