Ukraine to increase pre-war level of GDP until 2021

Source : 112 Ukraine

Ukraine lost 15, 75% of the GDP in 2014
15:15, 7 March 2018

Ukraine can increase the pre-war level of the GDP until 2020-2021. Mykhailo Tytarchuk, the Deputy Minister of Economic Development and Trade of Ukraine claimed this to Ukrinform.

‘In fact, talking about the loss of the GDP in 2014, this number is 15, 75%. We understand the reasons – Donbas, temporary loss of the Autonomous Republic of Crimea. But we worked out two scenarios how to return to the level of the GDP of 2013 at least. Actually, it is possible in the near three-four years. According to the first budget scenario – in 2021 and according to the second – in 2020’, Tytarchuk predicted.

Related: National Bank allows repatriation of dividends for all previous years

According to him, the reforms held by the Economy Ministry will become noticed in the second or the third year.

‘They possess the postponed effect – they become noticed in the second or the third year’, he emphasized.

He also reminded that the GDP was minus 9, 8% in 2018

‘Instead, in 2016 we finally got the macroeconomic stabilization thank resolute actions of the government. The growth of the GDP by 3% was predicted for 2017 but with the situation in the east with the blockade of the occupied Donbas, in fact, we lost the part of the growth’, Tytarchuk said.

Related: National Bank raises key policy rate to 17% per annum

As we reported the growth of Ukraine’s gross domestic products (GDP) in 2017 amounted to 2.2%, compared to 2.3% observed in 2016.

Earlier the National Bank raised its forecast on GDP growth for 2018 from 3.4% to 3.2%. At the same time, the central bank’s forecast on GDP growth in 2019 was lowered from 3.5% to 2.9%.

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