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EBRD improves prediction of growth of Ukraine’s economy for 2021

Source : 112 Ukraine

Besides, the bank predicts growth of Ukraine’s GDP by 3.5% in 2022
13:59, 29 June 2021

Open source

The European Bank for Reconstruction and Development (EBRD) predicts the growth of the economy of Ukraine in 2021 by 3.5% as Regional Economic Prospects report states.

The document states that the EBRD predicts the growth of Ukraine’s GDP by 3.5% in 2022.

“The main risks for the implementation of this prediction are tied with the slow tempo of reforms and vaccination,” the message says.

Related: Inflation rate in 2022 will be 6.6%, - Ministry of Economy forecast

The prediction for Ukraine is much worse than the EBRD prediction for developing countries, in which it invests. In general, the EBRD expects growth in the region – by 4.2% in 2021 and by 3.9% in 2022.

The report notes that the decrease of the foreign demand with the influence on the inner demand of numerous lockdowns shaped the fall of the GDP by 4% in 2020. The improved macro-financial governance appeared to be useful in the crisis and helped the country to keep macroeconomic stability.

Related: Ukraine's economy begins to recover after coronavirus crisis, - PM

Leading regional economist of the EBRD Dimitar Bogov stated:

“While the economy reduced by 2.2 % year on year in the first quarter of 2021 due to prolonged lockdown measures, there are indications that it is gradually returning to growth in the second quarter, benefitting from higher commodity prices”.

As we reported, Ukraine will get $350 million from the World Bank for restoration and development of the economy during the pandemic.

 

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