(VOVworld) - Ukraine's central bank says Ukraine’s economy experienced its worst year since the Second World War.

Ukraine's Central bank chief Valeria Gontareva (Photo: Getty Images)

Central bank chief Valeria Gontareva told reporters in Kiev Tuesday that the conflict-torn country's economy shrank 7.5 percent this year, making 2014 the most painful year for the country in decades. Ms. Gontareva said Ukraine's inflation rate soared to 21 percent in November due to shrinking gold and hard currency reserves. Ms. Gontareva's statement came a day after Ukraine’s parliament approved an austerity budget for 2015 aimed at unlocking emergency aid from the International Monetary Fund (IMF) and other lenders.