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Ukraine’s economy to reduce by 5% due to pandemic, global crisis

Source : 112 Ukraine

The growth by 4% predicted for the next years
21:45, 23 April 2020

Open source

The Ukrainian economy will reduce by 5.0% due to the coronavirus pandemic and global crisis as the National Bank of Ukraine reported.

“As a consequence of the quarantine restrictions for overcoming the pandemic and global crisis, the Ukrainian economy will reduce by 5.0% in 2020 but it will renew its growth at the level of 4% the next years,” the message said.

Related: Ukraine’s Economy Ministry creates task group on implementation of land market law

It is specified that the negative influence of pandemic on the Ukrainian economy will not be long-term but it will be powerful. The quarantine measures have decreased the business, consumption and employment of the population.

“The reduction of global demand also restricts the export possibilities of the country. According to our estimations, the influence of these factors on the economy will sizeable impact the second quarter of 2020. The gradual termination of quarantine restrictions will result in the restoration of the Ukrainian economy in the second half of 2020,” the National Bank of Ukraine stated.

Related: Ukraine's economy in freefall: New authorities make it worse?

Earlier, we reported that in 2020, Ukraine will show a deeper decline (by 4.2%) than the global economy, which will reduce by 3.0% according to the IMF prediction.

 

 

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